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Holistic financial well-being benefits for a multi-generational workforce

Retirement planning alone may not feel relevant for younger employees struggling with student loan debt. With a diverse team, understanding what employees really want and need, rather than making assumptions, is essential.

By Barrett Scruggs | March 09, 2023 at 11:15 AM
tiny images of employees standing in crowd with one in the middle with arms out (Photo: Shutterstock)

For the first time ever, employers have as many as five generations in the workplace, and as retirement funds suffer the consequences of a faltering economy, it’s likely that trend will continue. According to the Bureau of Labor Statistics, by 2026, about two-thirds of people aged 55-64 are expected to remain on the job, and about 30% of people ages 65-74 will likely still be employed full- or part-time. Meanwhile, with some 90 million Gen Z’ers expected to enter the workforce this year, there have never been more generations working together all at once.

The fact that today’s workforce is more diverse than ever is undeniably beneficial for organizations and their employees. But it’s also not without some challenges, especially when it comes to managing people across a wide spectrum of ages and generations. With few guide rails to navigate this unprecedented situation, organizations are left trying to balance the needs and desires of generational cohorts, each with diverse expectations and demands.

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