Different life stages mean employees have different needs which require focused attention.
Most companies in SA are feeling the pinch of a skills shortage. In the battle for talent, optimising benefits is an important lever that many organisations can do more with.
There are four defined generations which account for most workforces today – each with its own set of needs and expectations. Considering an employee’s life stage and generation can be a great help when structuring employee benefit offerings and finding opportunities to bring meaningful improvements.
Here are the different working generations[1] and some ideas for enhancing benefits in ways that appeal to each:
Baby Boomers (Born between 1946 and 1964)
Much of this generation is retired or headed for retirement. They don’t make up a large percentage of the workforce.
- Retirement preparation
Companies could appeal more to this group by finding guidance and support services for people nearing retirement that help people to prepare financially, emotionally and practically for retirement.
- Post-retirement work
Companies can hold onto or attract important skills by allowing people to work after normal retirement age, something which many will be keen to do.
Generation X (Born between 1965 and 1980)
With their wealth of experience, they form the backbone of the current workforce. Many are raising families, paying for their children’s education and even supporting aging parents.
- Retirement benefits and counselling
They are ready to take planning for retirement more seriously, but need a service that can guide them as they don’t have the time to sit and plan it out themselves.
- Risk benefits
Gen X’ers (the ‘Sandwich Generation’) have the highest level of liabilities because they are caring for their children and possibly their aging parents as well. Beyond the normal death and disability cover, death cover that pays for children’s education is a targeted way to address the needs of this group. Also, severe illness cover addresses a pertinent fear and risk for this group as they head past the age of 45.
- Flexible work options and schedules
Flexible time and location, and paid time off, are important to balance family responsibilities with work.
Millennials (Born between 1981 and 2000)
Millennials job hop…
Guy Chennells | Head of Product | Employee Benefits | Discovery | mail me |
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Read the full article by Guy Chennells, Head of Product Employee Benefits, Discovery, as well as a host of other topical management articles written by professionals, consultants and academics in the December/January 2023/4 edition of BusinessBrief.
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