Which Benefits Are Best For Each Generation?

Posted on: January 19, 2022

Each generation is different. Different circumstances have impacted these groups as time has passed, leading to different financial situations across the age gap. It is important for employers to learn how the generations compare and contrast, to better understand their needs, and to figure out what benefits are the best for each demographic of employees. So let’s break down each generation and identify the benefits that best match their needs.

Baby Boomers

Older employees often have more financial responsibility than younger employees, given their experience. Having spent more time dealing with life’s expenses, they often need assistance to meet their financial goals. Two important savings topics for this generation include saving for retirement and paying for their children’s or grandchildren’s education. Employee Choice is a great benefit for this generation, because it allows employer-matched funds to be directed to student loans, retirement savings, or a combination of both. Employer-Assisted College Savings is also a benefit that could resonate with Baby Boomers, because employees can use it to direct employer-matched funds to a loved one’s college savings plan.

Generation X

Customization is important to Gen X workers, and a majority of them are worried about their financial well-being, as many have student loans and are paying for their children’s education. With both of these in mind, Employee Choice is another no-brainer benefit for Gen X, so they can customize employer-matched funds to meet their needs. Employer-Assisted Student Loan Repayment is another great benefit for this generation, as many of them are still paying off their student loan debt.

Millennials

Millennials now make up the largest growing portion of the workforce, and their needs are quite similar to Gen X when it comes to the workplace. They want flexible benefits to meet their needs, and they are also stuck with a heavy amount of student loan debt. For these reasons, it makes the most sense for this generation to have access to benefits Employee Choice and Employer-Assisted Student Loan Repayment.

Generation Z

Gen Z is the youngest generation in the workforce, in fact some of them are still in school. For this reason, many of them want help paying for school, whether they are still taking classes or have started paying student loan debt. Tuition Reimbursement is a perfect benefit for this group, as they finish up their education or look to grow professionally with additional learning. Employer-Assisted Student Loan Repayment also makes a lot of sense for Gen Z, as they look to pay down their debt after graduating.

With a better understanding of each generation’s needs and desired benefits, employers can better recruit and retain the best talent. Be sure to think about your employees’ individual needs to get the most out of your benefits programs.

To support the needs of each generation, consider implementing these benefits to help them achieve their financial goals. BenefitEd can help, contact us today to get started.