Fulfilling the Benefits Needs of a Multigenerational Workforce
The multigenerational workforce of today poses a unique challenge for employers, who seek to provide Michigan group health insurance that suits the needs of each generation and their differing priorities. Flexible, customizable benefits options help maintain employee satisfaction and retention.
Understanding the Working Generations
- The Silent Generation: Born between 1928 and 1945, this portion of the workforce is very small, with employees aged at least 73 years old in 2018. They have lived through the Great Depression, WWII, and decades of change. People in this demographic are often in high-level positions, running their own companies – and making the Michigan health insurance benefits decisions – while others work part-time or hourly to stay active, or because their retirement needs the boost.
- Baby Boomers: Born between 1946 and 1964, the Baby Boomers are between 54 and 72 years old, as of 2018. This is the time of retirement for many boomers, who now make up only about a quarter of the workforce. They have seen a lot and, most recently, have weathered the effects of the Great Recession, but their retirement is on the horizon, if not immediately present.
- Gen X: The millions of people who make up Generation X were born between 1965 and 1980 and are a product of Baby Boomers, but also some members of the Silent Generation. They are between the ages of 38 and 53 as of 2018. Still making up about a third of the workforce, many Gen-Xers still have families to support, from young adults to college age children, tweens to infants, while others are already empty-nesters.
- Millennials: Born between 1981 and 1997, “millennial” is the buzzword of the decade, with the members of this generation falling between the ages of 21 and 37 in 2018. They are the largest group of people working today, with more to come as they finish up their college degrees. Their needs and priorities are widely varied, as millennials, in general, are redefining what the workplace looks like and how it operates.
Pleasing the Demographics in Your Workforce
Knowing how employees view themselves and their employer is one of the major keys to understanding how to satisfy Michigan employee benefits. For example, Baby Boomers and Generation X-ers are known to identify with their company rather than their profession, staying with the same employer for decades. They are more likely to make their existing benefits work for them, though their needs are changing as they get older.
A great majority of Millennials are focused on professional goals. Many move from job to job and employer to employer without hesitation, simply to achieve the bars they have set for themselves. This makes it even more important for employers to provide benefits packages that will be hard to resist so they can woo millennial employees and retain them.
Diversifying Benefits Options
Employees want to trust that their employer will treat them well and fairly, especially when it comes to benefits. For employers, however, it’s essential to think beyond a one-size-fits-all benefits plan. Employees value good employer-sponsored health insurance benefits that are easy to understand and utilize and serve their needs and the needs of their family.
Talk to a Michigan employee benefits expert at The Benefits Group to discuss the options for offering more than one plan to appeal to the unique healthcare needs of a multigenerational workforce. Contact us today.