Payroll and Benefits: Catering for the Entire Workforce
- by Career Moves HR
- 15 Feb 2019
Multigenerational workforces are instigating tailored benefits packages that suit individual requirements. As we age and mature, the support and engagement expected from a workplace alters drastically leading to varied needs dependant on someone’s generation.
The flexibility required by employers to deliver tailored benefits to candidates is necessary to engage staff across all ages. Fitting employee expectations is core to retaining company loyalty, investing in employees at varying stages of their life is representative of a fair working environment that ensures the workforce is balanced and satisfied.
Collating information across the company that assesses the needs of employees is necessary to fulfilling an employees’ commitment. Analysing generational characteristics is also a key indicator to understanding staff on a broader level.
To gain from the benefits of a multigenerational workforce, employers are required to vary their benefits for their diverse workforces. Although a difficult task, utilising benefits as a motivator to retain and attract top talent can assist a company in reducing turnover and attrition rates.
Offering more than one plan option is a simple and effective means to cover the varying needs of a multigenerational workforce whilst remaining mindful of budget. Despite the perceived differences between generations, professionals still seek respect and deliverance of positive career opportunities from their employers. Integrating a rewards system that benefits a multigenerational workforce is a simplistic means to demonstrate company values of inclusivity and employer respect at all levels.
Actively promoting a respectful culture between staff of different ages, that caters to differing priorities between the generations will generate an environment that yields the best from each individual worker. Catering for a multigenerational workforce can cover alternate approaches to career progression, salary, leadership, feedback, and skills training.
The youngest generation currently in the workforce is focused on returning back to the environment and contributing across society. Tailored benefits to appeal to these individuals are representative of a company’s commitment to supporting wellbeing efforts and reducing the cost of living during the start of their careers and introduction to the world of work.
Millennials tend to be technology focused and appreciate flexibility within the workplace. As highly adaptable and collaborative individuals they work to foster creative work environments.
Their inherent understanding of new technology, and having worked alongside e-mail for most of their career, has created a generation prone to multitasking through e-mail, typing, and isolating themselves during work. Flexibility and work/life balance is still key when attracting this workforce as a culture of trust is key to their progression.
Generation X (1964-1978)
Generation X entered the workplace with a differing perspective to their predecessors. A premium was placed on time with family, and the workforce witnessed an integration of work/life balances such as flexible hours and working from home to retain and motivate this generation.
Partnered with an entrepreneurial spirit, this generation adopts diversity, challenges, and creativity as their own responsibility to master. Supervision and training this generation is best supplemented with a hands-off that ignites their inner drive and motivation.
Baby Boomers (1948-1963)
The Baby Boomer is predominately in their late 50s and 60s, typically they hold significant positions of power and authority. This generation is of a meritocratic view, that salaries and high billables are associated with long hours in the office that equate to an employee’s dedication to the workplace.
Face-time in the office is important to these workers, who prefer benefits surrounding pension and health care contributions as opposed to work flexibility and up-and-coming work/life balance trends. Along this, responsibility, work perks, praise, and business orientated challenges are a key motivator for this generation.
Approximately 95% of Traditionalists are retired from the workforce. In the workplace, Traditionalists are hardworking, loyal, and cherish their positions following an upbringing during the Great Depression. Due to this sense of loyalty, many traditionalists have only had one employer throughout their entire career, this means internally they have built fantastic teams and internal networks.