It can be difficult to create a workplace culture where everyone feels comfortable. There are many different ages and backgrounds in the workforce. There are some useful trends emerging.
In order to compete with other companies for workers in 2022, employers had to pay exorbitant wages, which could affect the bottom line on a long-term basis. When the economy is strong and there's a tight labor pool, employees will strive to earn more money, but they may not be motivated by money alone.
Some people are replacing the desire for higher salaries with attractive benefit packages. Each age group has their own wants and needs.
What are the benefits sought?
The Baby Boomers (those who were born between 1946-1964), and Generation X, (those who were born between 1965-1980), are at the end of their lives and careers. They have different needs from millennials (born in 1981-1995) or Generation Z (born in 1996-2012), which are young adults just starting their careers.
As expected, the baby boomers are looking forward to a life beyond full-time employment. Most of them are concerned with health benefits, long-term care, and protecting their retirement savings.
The Gen Xers may be planning their retirement. This could still be a decade or more away. They want to achieve a work-life balance after working for years and planning their children's college education.
Many employers offer retirement benefits. It's interesting to see how you can appeal to younger generations by offering enhanced benefits.
Many millennials have started families and are paying off student loans. They want help with these expenses as well as substantial resources for parental leave and support. According to internal data from Oswald Companies, half of millennials view fertility and family planning as a key component of their benefit package.
Gen Z workers may be covered by their parents' health insurance when they join the workforce. Traditional benefits are not yet a priority. The focus is on the overall well-being of employees, including their emotional, physical, and financial health.
Some employers have gotten more creative in their benefits and perks. They are not just limited to wellness programs and health savings accounts. Bonus benefits are often experiences, like paid memberships to gyms, streaming services or massages. Employers can differentiate themselves from their competitors by offering these enhanced benefits.
Prioritizing mental and physical fitness
Although employees' priorities may differ, there are two things that seem to be universal: mental health resources and flexibility in the workplace.
The availability of behavioral healthcare services is a major factor for 85% of U.S. employees when they are evaluating new job opportunities. In a Guardian Life study, 75% workers listed stress and burnout among their top mental health concerns.
It could be because employees want a flexible schedule that reduces stress from commuting, and allows them to better balance their work and home lives. In a Guardian study from 2022, 60% of respondents said they wanted to work remotely. Four out of ten employees have changed jobs or want more flexibility.
Employers are facing a difficult time as employees have become more demanding and put their own demands on benefits. Oswald’s employee benefits team will help you design a competitive, well-rounded benefits package that protects your most valuable asset – your employees. Please contact Oswald Columbus' Team Leader or Sr. Ashley Blevins, Client Executive at EMAIL (614) 744 4246.
Oswald, a Cleveland-based employee-owned insurance brokerage firm founded in 1893 is one of America's largest independent firms. As a partner of Assurex Global - the largest private association of insurance brokers in the world - our risk management specialists service and support our clients around the globe.