Today's companies are in a very unique situation in that there are multiple generations in the workforce: Millennials, Generation X, and Baby Boomers. While there certainly are advantages to this, it can make navigating employee benefits a tricky issue for companies as each generation of employees has their own needs.
Another challenge that businesses are faced with today is the improving job economy, which can make it more difficult to attract and retain the right talent. Employee benefits, however, can be a powerful tool for reeling the best talent in and retaining them at your company. In fact, many companies are choosing to lead with employee benefits in the recruiting and hiring process.
Considering the generation mix in today's workforce and the competitive job market, here are some effective strategies for how your company can use employee benefits to attract and retain talent:
Customization is Key
The different generations of employees in today's workforce all have unique needs, and they want benefits that are customized to their age needs.
For example, research indicates that the 18 to 25 year-old demographic appreciates an "a la carte" approach to benefits, which gives them some control over the amount of money that they're spending on benefits.
However, it's important to understand that as employees age, their benefits needs will change. For example, working parents may appreciate childcare being incorporated into a benefits package, and elder care benefits for an aging family member may be attractive to the Baby Boomer generation.
The big takeaway from this is that each generation in the workforce is going to have different needs. By offering custom benefits solutions to address these varying needs, you'll be able help to resolve conflict at home, leading to more productive and successful employees.
Salary Isn't the Only Factor
In order to attract top talent to your company today, it's important to understand that salary isn't the only factor. Many prospective candidates are placing just as much emphasis on the lifestyle benefits that an employer offers as they do salary.
To differentiate themselves and offer a unique set of lifestyle benefits and perks, we're seeing employers offer gym memberships, healthy snacks during work hours, and on-site group fitness classes. By offering such benefits to create a healthy work-life balance for your employees, you'll create a productive work environment that breeds loyalty and satisfaction.
In order to attract the right talent to your organization and retain them, you need to make sure that your corporate culture and benefits align with their lifestyle needs and expectations. Please contact us at Summerlin-Roberts to learn more about our creative employee benefits solutions to help you to effectively attract and retain the right talent for your company.