Creating an Employee Benefit Plan for Your Diverse Multigenerational Workforce

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Businesses today tend to have a very diverse, multigenerational workforce. This can make it difficult to keep everyone happy. While having a diverse workforce can do wonders for the business, it also poses several key challenges.

One challenge you’ll come across, is determining the type of benefits package to offer multigenerational employees. If you’re struggling to know what to provide, below you’ll discover how to create the best employee benefit plan for a diverse workforce.

Offer career progression benefits

One of the main benefits you should introduce into a multigenerational workforce, is career progression. This is especially important for millennials, who constantly look to work towards their next big life goal. Ideally, you’ll want to create personalized career path progression. This ensures all employees can work towards their career goals without having to seek employment elsewhere.

Even older workers would like to have the opportunity to try something new. So, working out a solid career progression path within the company is a great way to keep a multigenerational workforce happy.

A variety of health plans

Health benefits have always been popular in the workplace. However, these days it’s not enough to simply offer basic healthcare perks. Instead, employees look for more specific health benefits, such as gym memberships, health insurance and free fruit in the office. The more you focus on health and wellbeing in the workplace, the happier your employees will be.

Having a variety of health plans is also important to your older employees. As we age, we start to develop all kinds of health issues. So, having a variety of health plans will really help your older employees.

Offer financial help

If there’s one thing which impacts all generations these days, it’s money. The number of employees dealing with financial related stress is at an all-time high. So, offering financial help to your workers is going to benefit everyone. When you look after their financial wellbeing, your employees are going to be much more productive, take fewer sick days and they will be a lot more loyal to your brand.

There are several ways you can help with employee finances in the workplace. Having an open-door policy so they know they can talk to you when they are experiencing financial difficulties is important. You can also offer financial training, salary linked loans and early access to salaries during difficult times. Talk to your employees to see which type of help they would find most beneficial.

These are just some of the best benefits you can provide in a multigenerational workforce. Tailoring your benefits to match the needs of all ages isn’t always easy, but you can make a great start by introducing the benefits above.