How to Create Employee Benefits for a Multigenerational Workplace

Companies that view employee benefits as an afterthought are missing an incredible opportunity to build their employer brand and help attract and retain workers of all ages. In fact, a Glassdoor study found that nearly 65 percent of job applicants focus on available benefits nearly as much as salary. And there’s good reason: After all, salary only comprises 70 percent of typical compensation, making benefits a significant 30 percent of the compensation picture.

It’s easy to assume that older workers prefer different types of employee benefits—more prescription drug coverage, perhaps, or that younger cohorts want to have weekly team lunches and a shortened Friday schedule. But companies can create a robust benefits program that will work for employees of all ages. Here are a few benefits that cross generations with their appeal.  

Customized Training and Development Can Be Targeted to Any Level

“Online training that has a ‘one-size-fits-all’ approach is inadequate. Resources need to contain a range of options from games to articles and videos. Companies are recognizing that employees are individuals, and as such, T&D is increasingly becoming personalized to cater to varying levels of progress, career development and lifestyles. The future of corporate training will incorporate short bite-sized coaching programs and resources to allow employees to access them anywhere, anytime as they gain problem-solving skills on the spot. This will allow not only employees but businesses to constantly develop, and for workers to feel engaged and energized about their work.”—Read more at Human Resources Online.

A Solid Company Culture Appeals to Millennials—And Everyone

“It’s not ping pong tables, catered lunches, or happy hours that keep Millennials at a company. These perks may draw them in, but most certainly won’t make them stay. The bottom line is that you have to have a good company culture that shows through in the workplace. The workplace should be a positive environment where employees feel a sense of camaraderie. That’s what keeps Millennials happy and continuing to work at your company. A good work environment beats out free stuff any day.”—Read more at Forbes.com.

An Employee Benefit For All Generations In Your Workplace

“We all agree that birthdays should be considered holidays, and BambooHR has finally acknowledged it by giving employees PTO to celebrate. On the BambooHR blog, one employee raved, ‘I slept in and went running AND did yoga (I never get to do both in one day). I had lunch with family and friends. I had a lemonade. I really liked the fact that I didn’t have to DO anything. I could just do what I wanted to do.’”—Read more at Glassdoor.com.

A Menu of Employee Benefits Allows Everyone to Choose What They Need

“More companies may embrace a benefits model similar to the approach behind consumer-driven health plans: Employees are allocated a set amount that they can spend on the perks that best meet their needs. That’s the direction LinkedIn went in after it offered a generous paid-parental-leave policy—and heard from employees without children. ‘We got quick feedback: ‘This isn’t fair. If I don’t have kids, what will you do for me?’’ says Pat Wadors, [then LinkedIn’s] senior vice president of global talent organization. … The business piloted Perk Up, a benefit that provides up to $500 a quarter for workers to spend on lifestyle perks such as massages, a personal trainer or a professional dog-walker.”—Read more
at SHRM.com.

Voluntary Benefits are Effective…and Don’t Have to Be Challenging for Companies to Administer

“Voluntary benefits also speak to the need for personalization, which workers say they want in their benefits plans. There are voluntary benefits for a wide range of personal needs, which technology has made more accessible through apps and high-tech tools.”—Read more at
HR Dive.


Lindsey Pollak is the leading expert on millennials and the multigenerational workplace, trusted by global companies, universities and the world’s top media outlets. A New York Times bestselling author and keynote speaker, Lindsey began her career as a dorm RA in college and has been mentoring millennials — and explaining them to other generations — ever since. Her presentations have audiences so engaged that, in the words of one attendee, “I didn’t check my phone once!” Contact Lindsey to discuss a speaking engagement for your organization.

3 Responses to “How to Create Employee Benefits for a Multigenerational Workplace”

  1. Joe Kosint

    Speaking of benefits, Abbott received US IRS approval for a unique benefit for former students.

    Abbott (the employer from which I retired) has a generous 401k plan. US employees who contribute up to two percent of their salaries get a $2.50 match for every dollar contributed.

    Many young people just out of school need to pay down college debt. So Abbott will now contribute the match to a 401K if the employee can demonstrate that they paid down college debt (again, up to 2% of their salary).

    In this way, former students who pay down college debt can still save for their retirement.

    Reply
  2. Kiye Sic

    Very nice read. Thanks for sharing and keep it up!

    Reply

Leave a Reply