Providing benefits that attract and retain top talent is no small feat, especially with today’s multigenerational workforce. Gen Z and Baby Boomers, two generations often thought of as opposites, coexist in workplaces with varying needs, preferences, and priorities. Designing benefits packages that appeal to these age groups might seem challenging, but it’s also a significant opportunity for businesses to foster inclusivity, bolster morale, and drive long-term success.
This guide will walk HR professionals and business owners through designing benefits packages that resonate with both Gen Z and Baby Boomers. With the right balance, such offerings can appeal across generational divides.
Understanding Gen Z and Baby Boomer Priorities
Before crafting multigenerational benefits, it’s crucial to understand what matters most to these groups.
What Drives Gen Z?
Gen Z, born between 1997 and 2012, is the youngest generation in the workforce. They highly value:
- Health and Wellness Support: Mental health services, gym memberships, and wellness-focused initiatives rank high for this tech-savvy and self-driven age group.
- Flexible Work Options: Remote work, hybrid models, and flexible hours cater to their preference for work-life balance.
- Learning and Development Opportunities: Gen Z employees often seek career growth and upskilling through workshops, mentorships, and tuition support.
- Purpose and Social Responsibility: They are drawn to organizations advocating for inclusivity and sustainability.
What Matters to Baby Boomers?
Baby Boomers, born between 1946 and 1964, are typically in the later stages of their careers or eyeing retirement. They prioritize:
- Retirement Benefits: Robust pensions, 401(k) matching, and financial planning tools are key.
- Healthcare Support: Comprehensive health insurance, including vision and dental, is non-negotiable.
- Job Security: Stability and recognition for their expertise and commitment are highly valued.
- Work-Life Integration: While many choose to stay in the workforce, flexibility in schedules is appreciated for balancing personal responsibilities.
Recognizing these priorities lays the foundation for crafting benefit packages with cross-generational appeal.
Designing Benefits That Bridge Generations
Striking the right balance between generational expectations doesn’t mean sacrificing one group’s needs for another. Here’s how to design a well-rounded benefits package.
1. Prioritize Comprehensive Health and Wellness Programs
Why it works: Wellness is a universal value—even though its definition may vary across age groups.
- For Gen Z: Include mental health support services like counseling, mindfulness training, and mental wellness apps such as Headspace. Access to fitness subscriptions or gym reimbursements also adds appeal.
- For Baby Boomers: Offer top-notch healthcare coverage that includes robust plans for age-specific needs like preventative care, vision, and dental services.
2. Offer Flexible Work Arrangements
Why it works: Flexibility is appreciated across generations when tailored thoughtfully.
- For Gen Z: Remote work opportunities align with their tech-savvy nature, while flexible hours allow them to manage personal passions alongside work.
- For Baby Boomers: Flexible scheduling can help bridge the work-life integration they desire, letting them remain active employees without burnout.
3. Provide Financial Wellness Tools
Why it works: Financial security is a cross-generational concern—even if it manifests differently.
- For Gen Z: Student loan repayment programs and savings tools like automated investment apps show you understand their financial challenges.
- For Baby Boomers: Retirement readiness services, robust 401(k) contributions, and the availability of pensions are impactful.
4. Build a Culture of Lifelong Learning
Why it works: An opportunity for skill improvement is valuable to employees of all ages.
- For Gen Z: Focus on tuition reimbursement programs, certifications, and skill development platforms like LinkedIn Learning. Encourage mentorship opportunities where they can learn from senior colleagues.
- For Baby Boomers: Provide access to upskilling, tech adoption training, or workshops to keep them engaged and equipped to tackle modern tools without alienation.
5. Offer Inclusive Perks and Purposeful Initiatives
Why it works: Fostering inclusivity and aligning with values increases employee satisfaction and loyalty.
- For Gen Z: Purpose-driven initiatives such as green policies, community volunteer programs, and matching charitable donations resonate with their social-conscious mindset.
- For Baby Boomers: Veteran support, caregiving assistance, or even shared initiatives like environment-focused rewards can appeal across both age groups, despite their distinct priorities.
6. Tailor Communication Across Channels
Crafting the perfect package isn’t enough. How you communicate matters just as much.
- For Gen Z: Use digital platforms, apps, and visually engaging content to share details about benefits with this tech-native group.
- For Baby Boomers: Opt for more traditional formats like email, print, or in-person workshops explaining their available options.
The Power of Multigenerational Benefits
Designing benefits packages that account for the values and priorities of multiple generations is more than a thoughtful strategy; it’s a competitive advantage. By catering to both Gen Z and Baby Boomers, you create an inclusive, motivated, and loyal workforce.
Remember that no two employees, even from the same generation, are exactly alike. Offering customizable options alongside a core benefits package ensures all team members feel their needs are being met.
Lastly, fostering open communication about benefits preferences and conducting regular surveys empowers HR professionals to adapt their offerings as generational priorities evolve.
Build Your Workforce, One Generation at a Time
If you want to cultivate a workplace that encourages engagement, loyalty, and productivity across the board, multigenerational benefits hold the key. Take the time to understand your workforce’s unique needs and make meaningful investments in their well-being.
Join EBPA Today
Established in 1948, Employee Benefit Planning Association (EBPA) is a non-profit educational organization providing support and professional development opportunities to members and all those engaged in employee benefits by serving as a forum for the exchange of knowledge, information and ideas.
