Today’s workforce primarily spans three generations from millennials to baby boomers--and they look at work, life, money, and finances in totally different ways.

Likewise, they have different benefit needs.

Many of their varying benefits needs can be addressed through the many non-traditional voluntary benefits on the market today.

Employees might be paying the premium, but it’s the employer who decides what voluntary benefits employees will have to choose from. So what’s the best way for you to advise your clients on which ones to offer?

Their employee generational profile is the key. Employers need to know which voluntary products will most benefit the generations represented in their workers.

Breaking today’s workforce down by generation reflects a different picture of what is important to them and dictates the non-traditional voluntary benefits that would likely be of interest to them.

Read: 25 non-traditional voluntary benefits

For the three main generations represented in the workforce, we've created three lists of what non-traditional voluntary benefits appeal to them. Here they are.

1. Baby boomers (born 1946 – 1964)

Baby boomers’ greatest fear is losing their pension, savings, or job and being unable to retire. Keys to job retention for baby boomers are salary, job security, and health benefits.

They want to count on medical insurance and back-up care for their parents. Some baby boomers are in second careers. Some still have grown children living at home and/or are helping them out financially until they can support themselves.

For the most part, if there’s something baby boomers want, they are able to buy it.

However, many will question if they should buy it or rather save that money. Instead, they are trying to be financially responsible and scaling back from a materialistic lifestyle.

Baby boomers, even if they are high earners, worry about retirement--both having enough money for retirement and wondering when the right time is to retire.

Voluntary benefits that would appeal to baby boomers include these:

Discount Programs
Financial Counseling
Legal Assistance
Auto Insurance
Home Warranty Insurance
Homeowners’ Insurance
Long-Term Care Insurance
Wellness Programs
Employee Purchase Programs

2. Generation X (born 1965 – 1979)

Gen Xers’ work ethic is balanced and flexible with a ‘work hard, play hard’ attitude. Their greatest fear is being overshadowed by millennials and being overlooked for promotions.

Their benefits needs include income protection, family support, customizable plans, automatic retirement management, and retirement education.

This generation’s financial stressors come from multiple angles. They are raising children, preparing for care of their aging parents and trying to save for their own financial futures.

The rapidly-changing retirement, Social Security, and health care landscape hits them the hardest.

Because of these factors, they appear to be having the toughest time financially. They find it difficult to meet their household expenses on time each month and are the most likely to carry balances on their credit cards.

Voluntary benefits that would appeal to Gen Xers include:

Discount Programs
Employee Purchase Programs
FSAs
Financial Counseling
Wellness Programs
EAP
Child Care
Cyber Security Insurance
Homeowners’ Insurance
ID Theft Protection
Long-Term Care Insurance

3. Millennials (born 1980 – 2000)

Millennials’ work ethic is that professional fulfillment matters more than salary. They expect rapid promotion and meaningful work or they seek other opportunities.

They often juggle many jobs and move from job to job frequently. Their benefits needs include portable benefits, forced savings, financial education, and concierge services.

In general, millennials are very highly educated. One-third of millennials have four-year college degrees, but that comes with a high price tag. The average millennial has $29,000 in student loan debt alone.

Not surprisingly, they are also more worried about getting rid of or incurring additional debt than their day-to-day expenses.

Non-traditional benefits that would appeal to millennials include:

Employee Purchase Programs
Discount Programs
Tuition Assistance
Employee Assistance Program
Wellness Program
FSA
Financial Counseling
ID Theft Protection

Employee benefits are an important driver of employee satisfaction. Well-designed benefits plans based on the desires and needs of employees enable companies to strengthen their ability to attract and retain workers.

Advisors who offer their clients voluntary benefits offerings that resonate with their employees not only build stronger client relationships, but also have an increased revenue stream.

Read: 25 non-traditional voluntary benefits

Instant Insights /

How to match voluntary benefits to boomers, Gen Xers, and millennials

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