The experience of the American worker has evolved over the last several years, as employers work to retain top talent. With companies like Google setting the bar for culture and work environment, many other companies are making the effort to create an experience and job opportunity that takes into consideration the “whole person” of their employees. There are many things that can be part of a compensation package in today’s business, such as: compensation, insurance, flexible work hours, remote work, gym memberships, PTO (Paid Time Off), free food served at the office, training and development programs, retirement, and more.
With a wide range of ages represented in today’s workforce, not all of the possible benefits presented above necessarily apply to each demographic and their desires. We currently have Boomers, Gen X, and Gen Y (Millennials) who make up today’s workforce.
Here are some benefits that are for all ages:
FAIR AND COMPETITIVE COMPENSATION
While everyone may like free coffee and snacks, HR professionals know that the biggest thing that speaks “you’re important” to your employee is a fair and competitive base compensation package. There are some employees who are more concerned about their security, and they want a compensation package that keeps them from having to worry about their lifestyle. There are other employees who are highly talented and driven who want a compensation package that’s competitive within their “rank” and position. They know that the value they bring can be well compensated somewhere else, so holding on to these high-flyers requires a compensation offer that will keep them from jumping ship to go make more money.
While money isn’t everything, it is one thing that transcends all generations and ages, as workers of all ages want to be paid fairly, and to feel like their contribution is valued.
HEALTH INSURANCE
Quite simply, all generations appreciate an employer’s investment in their health and wellness. While a few companies provide health insurance paid in full by the company, most offer subsidized options that allow employees to have quality and affordable coverage. In fact, some people work specifically for health insurance coverage.
Whatever type of policy (HSA, PPO, HMO) you offer is of benefit to all ages, especially when your company contributes percentages towards premiums, deductibles, or HSAs.
FLEXIBLE HOURS AND LOCATION
While this is a benefit that has gained momentum with Generation X and Millennials, Boomers have caught on to the trend. More employees are looking for (even demanding) the opportunity to work flexible hours from their nearest coffee shop. Okay, maybe not the just the coffee shop, but the opportunity to work from anywhere (home, work-shared space, the beach), as long as the work is completed, is a tremendous benefit for all ages. Many people are working later in life, past the typical retirement age, and many of those workers enjoy part-time options that don’t require daily travel to an office.
Some people love the idea of simply being able to work from home, while others love the idea of working from all over the world. This is a tasty benefit to workers of all ages.
HAPPY EMPLOYEES
These are many options that can be offered to your employee, but ultimately, their career goals and desired life experience will determine what they want in their benefits package. However, fair pay, health insurance, and flexible hours and location are benefits that are valuable to all ages and generations. Happy employees who are well taken care of are engaged and productive, which increases the performance and profitability of your business.
