3 Critical Components of a Robust Multigenerational Benefits Package

Many businesses are reworking their benefits offerings to appeal to millennials and Generation Z. The idea holds merit considering the vast majority of individuals entering the workforce come from these two generations. However, ignoring the existing workforce’s needs can spell disaster for businesses. What appeals to a millennial may seem trivial to a baby boomer or a Gen Xer.

This creates quite the conundrum for businesses. Younger generations are quicker to move on to greener pastures, costing companies $7-$14 thousand to replace them. However, older generations house immeasurable knowledge that businesses cannot afford to lose. That is why companies need to meet the diverse needs of every generation.

Understanding Each Generation’s Needs

There are some common benefits that every generation wants and expects from their employer. Some of the most popular include health insurance, vision and dental options, retirement planning, vacation time, wellness programs and flexible work hours. However, how each generation approaches these benefits differs. What one generation considers a fantastic wellness program may be worthless to another. The following are several tips to help businesses deliver benefits that appeal to all workers.

  1. Offer benefits that encompass all of the generations. Continuing with the employee wellness example above, it is simple for companies to avoid such pitfalls. While almost all employees wish to better themselves in some way (i.e. lose weight, quit smoking, etc.), not every generation wants the same program. Before implementing wellness programs at random, companies should ask their employees what types of programs they would enjoy most. Once an employer has a general idea of what his or her staff wants, he or she can develop a multifaceted benefits package that offers something for everybody.
  2. Remain cognizant of each generation’s lifestyle needs. Many millennials value the ability to work from home or having flexible start times to their workday. While most generations approve of this flexibility, the reasons why they need it are vastly different. Millennials and Generation Z staff members enjoy working from the comfort of their own home. Some are still in college and prefer an earlier or later start time to accommodate their classes.Younger baby boomers are caught in between caring for their children and their aging parents. They need flexible start times to see their kids off to school and the ability to work from home if an ailing parent requires them to be nearby in case of emergencies. Businesses need to be aware of their employees’ needs and build their benefits package accordingly. Offering flexible start times, but not the ability to work from home, can alienate staff and cause them to search for a job that offers a better work-life balance.
  3. Encourage collaboration among the generations. A large age gap between employees can be divisive in the workplace. By encouraging older staff members to team up with a younger individual, each employee can benefit. Gen Xers and baby boomers possess a wealth of knowledge they can share with the younger generations. Millennials and Generation Z employees can help their more experienced colleagues learn how to use social media more effectively or how to utilize new technologies.

Employee benefits are not a stagnant entity. Businesses that neglect to update their benefits packages to meet their employees’ needs run the risk of rising turnover rates and declining morale. The Reilly Group can help your company navigate the diverse needs of employees of all ages and backgrounds. To learn more, contact us today.

Did You Know These Factors Make You a High Risk Driver?

Every car owner would love inexpensive car insurance rates with comprehensive coverage, but a number of factors determine the final cost. Most individuals are familiar with common elements in the car insurance rate calculation—accident history, driver age, and tickets can all affect the final quote. However, several other sneaky factors affect insurance premiums as well.

 Your Gender Can Cost You

Everyone knows young men, especially those under 25, often pay more than their female counterparts do. Statistics are working against them in this instance, as their demographic racks up the most tickets and collisions. However, being a woman does not always mean lower insurance rates. Many insurers offer men aged 40 to 60 better rates than they do women—even when both have perfect driving records. In this instance, statistics are once more the culprit. Data shows women in this age bracket are riskier to insure than men of the same age are.

Being Single Can Cost You

Drivers may grow weary of hearing it, but statistics once again net married couples better rates. This is because married people are less likely to get into car accidents than married individuals are. As a result, divorced or widowed individuals may see their insurance rates go up once their insurer determines they are now single.

Location Can Cost You

Many individuals assume only those living in high-crime areas experience higher insurance premiums, but this is not the case. Individuals living in cities will also receive higher quotes than those living in rural areas. This is a simple equation. More people + more cars = more accidents. Not only that, but cities are more prone to scams and fraud as well.

How insurers determine someone’s insurance rate is complex and often out of the individual’s control. Other factors such as credit history and previous insurance history can affect future quotes as well. While individuals can shop around for the best rate, The Reilly Company can help them find the best coverage for the lowest cost much faster. Contact us today to learn more.

Critical Steps in Preventing Construction Fires

Construction sites present many hazards, but, with an ounce of care and prevention, workers can avoid most major accidents. Fires are one such example. Electrical and welding work, as well as loose debris, represent fire hazards on construction sites, and being prepared to manage them is an absolute must. Understanding the different types of fires and combating them is vital to construction site safety. However, avoiding a fire is preferable to dousing one.

Three Elements to Make a Fire

A fire cannot burn without three components: heat, fuel, and air. Welding equipment, cigarette butts, frayed wires, and more all provide a source of heat to ignite a fire. Fuel can come in many forms as well (i.e. liquids, gas, or solids). The most common are gasoline or propane, but scraps of paper or wood can act as a fuel source as well. The third component, air, is almost always present, and there is not much construction workers can do about it. However, there are several steps workers and supervisors can take to eliminate bringing all three elements together.

Preventing Fires

By removing one of the three elements, a fire cannot exist. Since workers cannot do much about air, they must focus their efforts on heat and fuel sources.

  1. Keep work areas clean. Eliminating debris eliminates a potential fuel source
  2. Obey all no smoking signs
  3. Store oil-soaked cloths in metal containers with lids
  4. Take pains to keep all flammable materials away from heat sources such as heaters
  5. Report all non-controllable fire risks such as exposed electrical wires

Construction site supervisors should discuss fire safety with their workers as well as provide the appropriate training on all fire safety equipment such as fire extinguishers. While the goal should be to eliminate hazards, it is not always possible to remove all sources of risk on a construction site. The Reilly Group can help your construction business identify areas of exposure and develop a plan to mitigate them. To learn more about construction safety, contact us today.

Top 3 Things You Need to Know About Earthquake Insurance

Homeowners have a lot to consider when investing in insurance. Many believe their homeowner’s policy is sufficient to cover them in the event of natural disasters, but this is not always the case. For example, most homeowner’s insurance policies do not cover damage caused by earthquakes. Below are several facts homeowners need to know about earthquakes and insurance.

  1. No state is safe from earthquakes. While some states are more prone to earthquakes, none are immune to them. States like California take the lion’s share of earthquake headlines, but homeowners in any state can experience their destructive force.
  2. Insurers will not sell earthquake policies right after a seismic event. This is because aftershocks follow on the heels of an earthquake. Homeowners who survived the brunt of the initial wave may try to protect their home from aftershocks by investing in earthquake insurance. However, most insurance companies will suspend sales of earthquake policies until the threat of aftershocks passes.
  3. Aftershocks can wreak more havoc than the actual earthquake. Aftershocks are usually mild compared to earthquakes, but they can still cause damage. They occur when the earth attempts to realign itself after a major shift. However, up to 10% of aftershocks can trigger an even worse earthquake.

Scientists cannot yet identify when or where earthquakes will occur. They can make rough assessments, but precise predictions are still not possible. That is why there is no such thing as earthquake season when it comes to insurance. However, navigating the available earthquake policies can prove difficult. The Reilly Group can help homeowners evaluate their risk and how much coverage they would need to protect their home in the event of an earthquake. To learn more about earthquake policies, contact us today.