Develop a Benefits Plan That Resonates Across Generations
Today’s business leaders spend much of their time figuring out how to reduce organizational costs while attempting to maximize benefits offerings for employees. It’s an important consideration seeing as rising healthcare costs contribute to a third of total organizational spend through employee benefits. However, each generation has a unique set of values, and having an antiquated approach to your plan design will only lead to unhappy employees, high turnover costs and skyrocketing expenses to your organization’s bottom line.
For most employers, providing health insurance is a given, especially since 88% of the workforce sees it as a necessary condition of their employment. While medical insurance remains the top most-requested benefit, there are surprising differences between generations when it comes to the type of health coverage they value. Bottom line—the traditional one-size-fits-all approach to benefits no longer works.
Seventy-two percent of employees agree that the ability to customize benefits increases loyalty. Does your current benefits strategy live up to those expectations? Build a thriving, long-term retention and recruitment strategy based on understanding the multitude of generational preferences amongst employees. Discover the details and tune into, “Offer the Impossible: A Benefits Package That Appeals to Your Multigenerational Workforce”