Designing benefits that will work for generations (Part 2)

It has been clear for some time that a "one size fits all" approach to benefits no longer registers in the work place. Understanding the impact of generational differences is key to developing a post "one size" strategy that not only appeals to employees, but gives employers an edge in the competition for talent. And so, after becoming experts on the generations, including their expectations and needs, we must establish benefits packages that are flexible and include a variety of options. At the same time we must let employers know that we can help communicate the value of these benefits in a way that can engage, inform and influence employees - employees who all have different ways of communicating and different levels of expectations.

Ultimately, benefits for the multigenerational work force should include a wealth of options, including voluntary benefits that can be embraced by some employees - and passed over by others. Auto and homeowner's insurance, life insurance, paid time off, dependant loan scholarships, dental and vision plans, long-term care insurance and even pet insurance are options that will appeal differently to different age groups.

The multiple options approach is certainly not new, but what must be new is the way that these options are packaged. By combining health insurance, retirement investments, disability insurance and voluntary options into packages, or portfolios, that may correlate to age groups, we can simplify the often complex process that employees face at open enrollment. Boomers, for instance, may prefer a package that includes a lower-deductible, higher premium PPO, an aggressive 401(k), and dental and vision care. Generation X-ers, who may have young dependants, may also opt for a package that includes comprehensive health coverage with low deductibles, along with the option of maximum life insurance coverage. They may appreciate other options, such as homeowner's insurance. Generation Y members may prefer a lower premium, higher deductible consumer-driven health plan, and with no dependants or home ownership issues, may be encouraged to invest in retirement savings. Those in the World War II generation may choose a package that includes a higher-premium health plan, and they may want a disability option as well.

While it is important to offer the right packages, it is also critical to know how to communicate them to employees. Older employees may benefit from direct one on one and group meetings to review benefit options, while younger employees will look for on-line tools to research the pros and cons of health insurance and retirement/investment plans. Outreach to younger employees should be aggressive, so that they clearly understand the value they are receiving from their benefits. In the end, showing employers that we understand the vital nature of communication can make the difference.

As we research benefit trends on-line, answer our e-mails, and place that lunch order over the phone, it is important to remember an important new reality: multi-tasking is not just part of our workday, it should be part of our overall philosophy of serving a new multigenerational work force.

Click here to read the first half of this series.