The two main generations of today’s workers – Boomers and Millennials – don’t always agree on the kinds of HR-related benefits that contribute to job satisfaction. In fact, each group has different views on retirement packages, health care, flex work schedules, supervisor/peer feedback, career advice and other benefits which affect their job satisfaction.
Keep in mind that each generation brings its own mental map to the workplace, but it is the job of a manager to understand this, develop generational intelligence, and create a plan of action. A good example would be maintaining a broader scope of benefit offerings to accommodate workers’ varying preferences, without incurring additional costs for the organization.
In the realm of health care plans, many companies are incorporating health savings accounts and higher-deductible packages into their benefits offerings shifting more responsibility for costs and control to their employees.
The key to recruiting and retaining the most valuable, young rising stars is going to be the ability for employers to create dream jobs for those superstars. Such jobs are built on a longer-term understanding of tremendous work conditions, rewards and flexibility which begins with the interview process all the way through onboarding, or the process of welcoming a new hire into the fold. This includes:
- Training and mentoring
- Setting clear objectives
- Providing feedback often
Surprisingly, generational characteristics are based on little scientific research. While there are certainly differences among how each of us approaches work, emerging research is starting to turn around traditional thinking about the generation gap. When there are differences, it was observed, they are related more to age than generation. In fact, studies conclude that all four generations share the same top work motivators of desire for continuous employment and opportunities for promotion. All generations expect the following from their employers and their work experience:
- Working on challenging projects
- Receiving competitive compensation
- Have opportunities for advancement and chances to learn and grow in their jobs
- Be treated fairly
- Have a good work-life balance
It is important for employers to maintain a balance and ensure that employee offerings accommodate the needs of all generations of workers.
BCN Services can help your organization develop a menu of benefits that will meet your organization’s needs and keep your employees motivated and satisfied in their jobs.
Sources: SHRM.org, Forbes, Time
Debbie Strahle, Partnership Manager