Benefit Plans for Different Generations Employees

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Table of Contents

Introduction
The description of benefits
Conclusion
References

Introduction

Each person has a different set of requirements to his or her job. Among the most basic ones, such as regular salary payments and healthcare benefits, every employee has some specific expectations from the place of work. These anticipations usually differ depending on the person’s age. The present paper will outline the benefits valued by veterans (born between 1922 and 1945), boomers (born between 1946 and 1964), Xers (born between 1965 and 1980), and Yers (born between 1981 and 2000). It is argued that without the appropriate investigation of each generation’s needs and preferences, managers will not reach the relevant level of employee motivation and satisfaction.

The description of benefits

Veterans, whose views on life and work are the most traditional, represent the oldest group of the working population. These workers are known for their loyalty to employers and conformity to rules (Price, 2018). The most likely benefits for veterans include portable health plans and critical disease coverage. These options are a part of indirect financial compensation and cover the expenses not included in direct compensation (Mondy & Martocchio, 2016).

Flexible benefits plans are available for all groups of employees, including veterans (Snell & Bohlander, 2013). For this generation, it is important to know that their benefits will remain the same after retirement.

Some of the boomers’ needs, such as advantageous retirement options, are the same as veterans have. However, this generation is more focused on saving enough money for their retirement and healthcare assurance. Historically, baby boomers did not use to save much, and many of them lack the preparation for retirement (Castellano, 2014). Another important factor of motivation for this generation is the possibility to have a flexible working schedule since they frequently have to take care both of young children and aging parents (Castellano, 2014).

Finally, boomers are becoming more and more healthcare conscious, which leads to the increased need for healthcare benefits (Mathis, Jackson, & Valentine, 2014). Thus, although boomers have some similar requirements as veterans do, these two workforce groups are quite different in their benefit expectations.

Xers are younger than veterans and boomers, so their preferences and expectations are quite dissimilar. For this generation, flexibility is the most important aspect in relation to work (Castellano, 2014). If an Xer is dissatisfied with the schedule, it is highly likely that he or she will quit. Apart from this major requirement, Xers are also concerned about their life insurance and critical illness coverage.

The youngest generation’s representatives, Yers, are best known for their love for freedom. Yers are difficult to manage and do not tend to stay with one company for a long time (Castellano, 2014). To make these individuals interested, such benefits as educational programs and child care might be useful (Mondy & Martocchio, 2016). Also, Yers may get interested in financial wellness tools that will help them to cover debts. This generation’s representatives are loyal to their workplace if they can expect the same from their employers.

Conclusion

Employers need to take care of benefit plans for different generations since the four age groups of employees have particular needs and expectations. Some generations are more concerned with their time-management, while others worry about healthcare benefits. However, one issue is similar about all of the groups: if an employee is not satisfied with the working conditions and bonuses, he or she is not likely to remain in the organization for a long time.

References

Castellano, W. G. (2014). Practices for engaging the 21st century workforce: Challenges of talent management in a changing workplace. Upper Saddle River, NJ: Pearson Education.

Mathis, R. L., Jackson, J. H., & Valentine, S. R. (2014). Human resource management (14th ed.). Stamford, CT: Cengage Learning.

Mondy, R. W., & Martocchio, J. J. (2016). Human resource management (14th ed.). Essex, England: Pearson.

Price, L. (2018). Managing the four different generations in the workplace effectively, efficiently and successfully. Meadville, PA: Fulton Books.

Snell, S., & Bohlander, G. W. (2013). Managing human resources (16th ed.). Mason, OH: South-Western Cengage Learning.

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Benefit Plans for Different Generations Employees

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