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.

Effective Employee Wellness Program Ideas

Employee wellness programs are rapidly increasing in popularity. While traditional health care benefits will always reign supreme, employees appreciate when their employer makes an effort to improve their life. Employers also benefit from implementation of wellness programs as it can help keep employees healthy and fit for work. This means fewer sick days and less interruption in the workplace.

However, not all wellness programs are created equal. Programs should allow employees to make changes that improve their work environment to maintain healthy habits. Employers can use several methods to instill a culture of health and wellness. Below are some ideas to create a wellness program that produces measurable results.

  • Discount healthy food items sold at work. Healthy food choices tend to cost more than unhealthy ones. Employers may need to incentivize their employees to buy the healthier option. In addition to reducing the cost of health foods, providing them in the office removes another hurdle for employees. They no longer need to leave the workplace to obtain a healthy snack or meal.
  • Encourage caterers to provide healthy options. Many offices have cafeterias or call in catering companies to provide lunch during meetings. Employers can tell caterers and vendors to remove overtly unhealthy food choices as well as increase the variety of healthy options.
  • Healthy dining selections near the office. Many employees opt to eat out during the workweek. However, if they commute to the office, they may not be familiar with dining options near them. Employers can distribute a list of healthy restaurant options near the office with simple directions on how to get there.
  • Encourage exercise. Employers should make sure to provide bike racks for employees who are within biking distance to work. They can distribute pamphlets as well that highlight safe biking routes. Encouraging employees to take the stairs rather than the elevator is another way to incorporate physical activity into employees’ workday. Employers can go a step further and negotiate discounts for local health clubs.

Employee wellness and productivity go hand in hand. They are also attractive benefits for job candidates and existing employees. The Reilly Company knows this and works with clients to develop cost-effective, competitive benefits. To learn more about employee wellness programs, contact us.