We’ve all heard of the phrase “you’ll never please everyone”, but when it comes to employee benefits and perks, you should absolutely aim to please everyone.
We’ve written previously about what different generations want from their job and their role, but what employee benefits do they want?
18-24 year olds
Research by Metro shows that unlimited holiday days is the most desired perk by 18-24 year olds, with flexible working hours and dental care being the 2nd and 3rd most desired perks respectively.
Dental care doesn’t make the top 3 for other generations, however those under the age of 18, or those under 19 but still in full-time education are entitled to free dental care.
This might explain why dental care perks are popular with this age group as they transition into the workplace. Of course, there are other factors that dictate whether you’re entitled to free dental care, however the majority of those in the 18-24 age category will no longer be entitled to free dental care.
A key theme that appears, not just for this age group, is a focus on annual leave and flexible working hours. This highlights work-life balance as a priority for many.
In the modern world of work, many employers are looking to adopt more flexible working practices as demand for it increases and moving forward from a HR point-of-view, modern and forward-thinking companies should be considering doing the same if they aren’t already.
35-44 year olds
Flexible working hours are number 1 this time and unlimited holidays come 3rd, with enhanced pension contribution becoming more of a focus for those entering their late 30’s and early 40’s.
Enhanced pension contributions as a perk seems a fairly obvious one for those in this age group, however work-life balance remains a key priority.
With this considered, should you offer enhanced pension contributions to your employees? It would certainly appeal to those in the 35-44 age range, however what this also points to is a focus on long-term financial security.
So, be sure to consider some long-term financial employee benefits alongside enhanced pension contributions.
45-54 year olds
Again, flexible working hours are a favourite, with holidays for long service also a popular perk.
This might suggest that those in this age group are more likely to stay in their current role for longer than other age groups, potentially until they retire. Maybe perks that reward this would be more popular too, for example company share plans and long service award bonuses.
Furthermore, health care is more of a priority for this age group than any other, so while private healthcare is a popular perk, any perk that helps with healthcare and overall wellbeing would benefit this age group in your workplace!
Alternatives for segmenting your employees
Segmenting your team by generation is just one form of segmentation that can serve you well when it comes to designing the right employee benefits package.
We’re seeing an emerging theme in the employee benefits space of an increased demand for a more personalised employee benefits experience
Segmenting employees and providing the right benefits for each segment is without doubt a great way to approach this.
Other approaches include introducing flexible benefits technology, where employees can allocate flexible benefits allowance towards the employee benefits that are most relevant to them to personalise their employee benefits experience.
For more advice on this, get in touch and we’ll help you design an employee benefits package that’s right for your business and all your employees.
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