Benefits To Attract and Retain Multi-Gen Talent

“Organizations that take a strategic approach to their benefits program, leveraging benefits to recruit and retain employees, are nearly twice as likely to have more satisfied employees and to report better business performance compared with organizations that are not strategic with benefits.”

That insight comes from the Society for Human Resource Management’s (SHRM’s) 2018 Employee Benefits research report—and it’s something all employers need to keep in mind as the competition for talent gets even tougher in 2019, thanks to record-low unemployment, widening skills gaps and talent shortages, and shifting demographics (the influx of more Millennials and Gen Z workers).

These potent forces are transforming the composition of the workforce forever, which means employers need to attract workers from every generation to fill their talent needs in the years to come.

So how can your organization take a more strategic approach to its employee benefits in order to recruit and retain talent from all generations in the workforce today — Baby Boomers, Generation X, Millennials and Gen Z?

Simple: offer your employees a range of voluntary benefits that support their unique lifestyles and needs.

Breaking Through the Noise
People are more selective these days about which jobs they apply for based on the benefits being offered, observes a 2018 article from BenefitsPro.com. “Basic benefits like paid vacation and a 401(k) aren’t enough to break through the noise anymore. … In 2019, employers will need to focus on making their entire benefits package more enticing.”

Implementing a diversified array of cost-effective voluntary benefits not only makes your overall benefits package more enticing but it also enables you to effectively serve the unique and varied needs of every generation of workers. As the benefitsPro.com article notes, “attractive benefits can make the difference between whether a prospective employee accepts a job offer or not,” and voluntary benefits provide a cadre of solutions that can be customized to attract the talent you need.

Leverage These Five Voluntary Benefits Trends

Leverage These Five Voluntary Benefits Trends
Here are five voluntary benefits that are trending in 2019 and that are highly valued by all workers:

1. Work-life programs—While each generation may define work-life balance differently, they all desire it, notes a 2018 Forbes article. “By creating a work environment that prioritizes work-life balance, employers can save money and maintain a healthier, more productive workforce,” the article states. For a nominal cost, you can launch a comprehensive work-life program that provides your employees with 24/7 access to live specialists who are trained to deal with the full spectrum of work-life issues. Plus, the results and ROI of this type of program far exceed those of self-service programs.

2. Backup care—Inevitably, the child or elder care arrangements your employees have in place will break down at some point. Unless you have a backup care program in place, most employees will have to scramble to find alternate arrangements—and many will fail. That’s why nearly half of all working parents miss an average of four days of work at least once every six months … and workers who care for aging loved ones miss more than 126 million workdays per year. A state-of-the-art backup care program saves your company’s caregivers from the mad rush to find last-minute, alternate care. Plus, it’ll help your company slash absenteeism, presenteeism, productivity losses and stress. (See our previous post on backup care to learn about all of the business benefits it delivers.)

3. Senior care management—Workers from all generations are already (or soon will be) facing the challenge of caring for aging relatives and other loved ones. Without the right support, elder caregiving can take a heavy toll on your employees (in the form of absenteeism/presenteeism, caregiver burnout and poor health) and your organization (in lost productivity, turnover and health-related costs). A high-quality senior care management program provides a spectrum of invaluable services such as in-person assessments of elders, their homes and potential care facilities; detailed care recommendations; 24/7 telephonic and online services for the employee; and more.

Senior Care Management

4. Breast milk shipping—In 2017, more than 65% of mothers with children under six years old were part of the U.S. labor force, according to the Bureau of Labor Statistics. A growing number of employers now offer a breast milk shipping service to their nursing mothers who travel as part of their jobs. You can provide additional support to your organization’s working mothers by giving them 24/7 access to lactation consultants, discounted breast pumps, and prescreened referrals to other lactation resources, as does LifeCare’s award-winning Mother’s@Work program.

5. Financial wellness—Employees spend approximately 150 hours of their time at work annually worrying about money, according to a 2017 Mercer study. Whether it’s unpaid student loans, credit card debt, healthcare-related expenses, or saving for retirement, every generation stresses out about finances. You can help put your employees’ minds at ease and get them on track financially by providing them with reliable financial wellness services including access to financial counselors, financial planning professionals and other resources designed to educate and empower them. A 2018 Bank of America Merrill Lynch survey asked employees what would improve their financial wellness most; they cited practical guidance that would “focus on the single next thing to do—one step at a time,” along with helping them save and invest for the future. So be particularly sure your financial wellness offerings cover those topics.

By incorporating these voluntary benefits trends into your talent acquisition strategy, you’ll cut through the noise of the marketplace and draw multigenerational talent to your brand for years to come.

As always, contact us here or call us at 1-(866) 675-3751 if you’d like to discuss anything you’ve read here or how LifeCare can serve your organization.