The U.S. labor force totals more than 168 million people, spanning multiple generations. Employers looking to widen their recruitment pool should note the diverse generational preferences and needs of the workforce.
Generation Z (1997-2012)
Gen Z workers prioritize a sense of purpose in their role and seek positions and companies that share their values. Like Millennial predecessors, Gen Z workers seek roles that offer flexibility and emphasize work-life balance. Gen Z workers engage digitally and have shown interest in remote work. Online enrollment and telehealth services are attractive. Workers in this generation often are eager to improve their skills. Company mentors and opportunities to acquire work-related skills and certification are low-cost ways to increase job satisfaction.
Millennial (1981-1996)
Millennials grew up in a time of economic uncertainty, which reflects in the desire for financial wellness benefits, like competitive 401(k) matching and student loan repayment assistance. Millennials also seek mental health benefits and appreciate ample paid time off and flexible working conditions that promote work-life balance. This generation is also inclined to favor organizations that practice social responsibility.
Gen X (1965-1980)
Gen X employees tend to have long tenure at companies that make them feel valued and offer career growth. Many members of this generation are caregivers to children and elderly relatives and seek caretaker benefits and flexible work arrangements.
Baby Boomers (1946-1964)
As many working Baby Boomers near the traditional retirement age, 401(k) and other retirement benefits are a priority. Having a comprehensive health plan is also top of mind for this generation. Employers might consider organizing opportunities for this age group to learn more about catch-up 401(k) contributions, Medicare, supplement and prescription drug coverage options and how to use health savings account (HSA) balances to avoid tax consequences.
Trends indicate where the cohorts place priority and can be used as a launchpad for designing benefits lineups, but there is no “one-size-fits-all" option for benefits packages. The best way to glean information about which benefits would be most appreciated in your organization is to get the input of your employee population. Contact your Bukaty Companies representative to learn about our employee surveying capabilities.
