Workplace Insurance Benefits
Look around an average workplace and you are prone to see four generations of employees – Baby Boomers, Generation Xers, Millennials and Generation Zers. With this much diversity, it stands to reason that each generation needs different benefits. The present worker drought also offers also increased the importance of addressing employees' needs, especially because they have grown to be more particular about which jobs, they believe can give them security.
A study conducted by LIMRA, and Ernst & Young found that employees across all generations view workplace insurance benefits weight loss valuable today than before the COVID-19 pandemic. Those most thinking about benefits were millennials (47 percent), followed by Gen Xers (33 percent), Gen Z (29 percent) and baby boomers (24 percent).
So, what do they each want in benefits? According to human resources experts, the main consideration is how each age bracket is in their careers.
Generation Zers, born between 1997 – 2012, are simply starting their careers, so professional development, such as mentorship and paid training programs, are highly prized. Health insurance 401k plans are also valued.
Millennials, born between 1985 – 1996, are still at the start of their careers too, so training and career development opportunities are essential. They also appreciate team development courses; social and offsite events; and flexible work hours.
Generation Xers, born in the mid- 1960s towards the mid-80s, would be the most thinking about health care benefits such as major medical, dental, vision and life insurance coverage. They're also considering retirement accounts and education loan assistance for their children. Tax-advantaged accounts such as Flexible Spending Accounts (FSA), Health Reimbursement Arrangements and Health Savings Accounts (HSA), paired with a High Deductible Health Plan, also are popular.
Baby boomers, born between 1945 – 1965, favor traditional benefits: medical, dental, vision, life insurance coverage and 401(k) accounts. Additionally they appreciate tax-advantaged healthcare accounts, like FSAs and HSAs.
