From Boomers to Millennials, here are workers’ top 6 benefit needs

Depending on which demographic they fall into (Baby Boomer, Gen-X, Millennial, etc.), employees have vastly different benefit needs. So why do so many employers offer a one-sized-fits-all benefits package?  

At the 2017 Mid-Sized Retirement & Healthcare Plan Management Conference in Phoenix, AZ, President and CEO of Cowden Associates Inc., Elliot N Dinkin, used the flexibility of the benefits offered through a private exchange as a reason for employers to give the exchange option a serious look.

Private exchanges — like public exchanges — are online marketplaces employers can use to provide coverage to their employees on everything from traditional benefits, like health insurance, to increasingly popular voluntary plans, like life, disability or cancer insurance.

Dinkin also used some compelling research to show just how greatly employees’ benefits needs varied from generation to generation.

Citing stats from a recent LIMRA study, which asked employees to rank their benefit needs, Dinkin laid out the top six responses of workers from 34 and under to employees 65-plus.

It’s worth noting that base pay was the top “need” for each and every employee demographic. The rest of the responses, however, were all over the map.
34 and under

The youngest workers in the study ranked their benefits needs in the following order:

    base pay
    career opportunities
    retirement plan
    low healthcare costs
    bonus/incentive, and
    flexible schedule.

35-49

The mid-life workers prioritized their benefit needs like this:

    base pay
    retirement plan
    low healthcare costs
    bonus/incentive
    paid time off (PTO), and
    flexible schedule.

50-64

Workers entering the latter stage of their careers ranked their benefit needs like this:

    base pay
    retirement plan
    low healthcare costs
    bonus/incentive
    paid time off (PTO), and
    type of work.

65-plus

Older workers tend to place a premium on the type of work they’re doing and the reputation of their employers. Their priorities are as follows:

    base pay
    retirement plan
    type of work
    bonus/incentive
    low healthcare costs
    working for a respectable organization.

 

by