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Does one benefits package fit all?

Posted 10 days ago by Lara Lee
Benefit Packages2

We’ve talked a lot about benefits over the last couple of years, and boy a lot has changed here!

You may have changed lots about your employee benefits package, or nothing at all, but in doing so have you considered whether its what they’re really looking for?

It’s controversial to say that not everyone wants benefits like flexible working, but they don’t.

Woah there! Allow us to explain ourselves.

In putting together your benefits package, have you considered the individual needs of your team and the generational differences which may define them.

Benefits packages aren’t always one size fits all, and it’s always wise to take into account the broad mix of generations and values which make your workforce so unique.

Historical generational differences for …

Baby boomers (1946 - 1964) - Have historically valued salary levels, health insurance and retirement plans.

Generation X (1965 - 1980) - Have historically valued job security, a work/life balance, advancement and professional growth within a company.

Millennials (1981 - 1997) - Freedom to work with autonomy and flexibility, professional growth and development within a company and paid time off.

Fun fact: With millennials projected to now account for around 50% of the workforce, is your benefits package tailored to their needs?

With a workforce of unique characteristics your benefits package shouldn’t be run of the mill. In putting one together it may be worth establishing what your workforce values, and would benefit from. You could ask for their thoughts individually, or to maintain anonymity, implement a survey around the office, ensuring everyone has input into what their benefits package should look like. Doing this would also enable employees to feel they’re playing a role in the way the company is run, boosting perceptions of culture and inclusivity which is bound to help internal recruitment and employee retention.

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