Create a relevant health & wellbeing strategy to attract and retain a generationally diverse workforce.
Winning the war on talent is one of the top business priorities for employers but attracting and keeping the right people means knowing and understanding what your employees want and value. A heightened focus on the employee value proposition has a significant impact on health and wellbeing programs.
Are you curious to know the specific program preferences of a multigenerational workforce? Download the Infographic: Health & Wellbeing Program Trends for a Multigenerational Workforce
According to a report released by Wellable, employers are focusing less on traditional wellness initiatives like biometric screenings and health risk assessments. So, what are the wellbeing initiatives your organization should launch?
Examining your workforce to understand their unique needs can help you develop a more informed workforce strategy. Although it’s tempting to create a hiring strategy that attracts more seasoned and experienced workers, did you know employers that fail to focus on hiring a new generation of workers impede the growth and sustainability of their business? National statistics suggest that Millennials make up 50% of the workforce. If this statistic doesn’t reflect your workforce, you may want to rethink your approach to attracting top talent.
Incorporating a strategy that caters to a generationally diverse workforce increases your company’s ability to attract and retain a range of expertise, which will have a lasting impact on your company’s ability to grow. But simply deciding to pivot your plan isn’t enough. Developing the type of customized program necessary, means understanding the needs, values and preferences of each group.
Here are 8 key points for influencing the design, incentives and communications of your program to help you launch a health & wellbeing strategy that caters to a multigenerational workforce:
Offer choices. While Millennials are known for appreciating options, providing a wide variety ensures you are catering to multiple generations, different personalities and employees with an assortment of priorities.
Focus on multiple elements of wellbeing.
Although financial wellbeing and physical wellbeing are essential to all generations, career development is a huge priority for Gen X, and community/social wellbeing appeals to both Millennials and Gen Z.
Create variety within each element of wellbeing.
Although, baby boomers may be focused on managing chronic conditions, Millennials are nutrition- and exercise-conscious. There are so many options within each pillar of wellbeing that allow a better chance to appeal to everyone. Another typical example is offering both retirement benefits as well as student loan repayment programs.
Consider alternative modalities.
Gen X’ers may prefer a discount or stipend to their local gym, where Gen Z might appreciate an onsite fitness challenge. Millennials and Gen Z are more likely to appreciate virtual coaching programs, whereas Gen X often prefers face to face consultation or picking up the phone.
Rewards and Incentives
Less emphasis is required on incentives when you offer employees what they want and value in the first place. The programs and benefits are perceived as the perks themselves. However, incentives have been proven to increase participation, particularly when tied to a specific action-based request, and when awarded promptly.
You might be noticing a theme but giving employees the chance to choose from multiple rewards emphasizes the program is all about them, not just to serve the company’s best interests. Baby boomers are known to respond to cash, and younger generations respond to having options in addition to donation matches to charity.
Reward frequently and instantly.
Incentives are shown to work best if given repeatedly in smaller increments than one large incentive at the end of the year, for example.
Any recommendations related to an effective communication strategy goes far beyond the context of your health & wellbeing program and pertain to the company’s overall strategy as well.
Use multiple modalities.
Baby Boomers and some Generation Xers tend to prefer printed communications, while Millennials and Gen Z prefer virtual communications including video and apps.
Millennials, in particular, have been associated with skepticism, but being honest about the intention and purpose of the program, it goes a long way with your employee population as a whole.
You never know when someone is ready to listen to the message. Make sure to high all of the great resources in place to support your employees. Communicating consistently and in a variety of ways about your commitment and investment in their wellbeing is an effective way of keeping the message top of mind.