Designing benefits for a multigenerational workforce
Employers need to offer dynamic benefits packages to make sure they're meeting workers' needs.
Employees’ ability to successfully adapt to remote work over the past year is likely related, at least in part, to how old they are. A report released Wednesday by MetLife found that 51% of millennials and Gen Z workers say work-life balance has improved since the pandemic started. Only a quarter of boomers can say the same.
Related: Not just a perk: Remote work aligns with new employee priorities
The 19th annual “U.S. Employee Benefit Trends Study” found the generations value facets of work and office life in different ways. For example, boomers miss casual interactions with their fellows, as 42% said this is a reason they’re less happy at work. A third say they’ve also struggled with setting boundaries.
Meanwhile, 40% of millennials value the ability to spend time with their family and 30% say they’re working in a better location now that they’re working from home.
“All employees are feeling the effects of the pandemic — but it’s clear that the impact varies greatly across the different generations,” Todd Katz, executive vice president of group benefits at MetLife, said in a statement. “Employers need to thoughtfully consider these nuances as they start to reimagine the workplace experience in the months to come, and beyond.”
Although some studies have found a majority of workers don’t mind interrupting their workday with nonwork tasks, MetLife found that younger workers in particular recognize the value of dedicated time away from work. Thirty-six percent said they took more time off work in the past year than they have in the past. Of course, with travel restrictions limiting most actual vacations, that time was spent recovering from illness or focusing on mental health.
“Employers and managers have a critical role to play in supporting employee well-being,” Katz added. “Providing flexibility, addressing workload concerns and promoting taking time off can make a difference for employees’ overall health.”
Related: One year into a pandemic: Helping employees build mental resilience
It can also help them develop a more resilient workforce. MetLife found 42% of employees feel better equipped to adapt and rebound from adversity when they have access to benefits that meet their needs. That should be a key objective for employers, as 96% of workers say resilient workers are more productive, and more engaged (91%).
However, employers should be prepared to offer more dynamic benefits packages, as the benefits that meet workers’ needs are much different based on their ages. Physical health is important to boomers, including vision, which was cited as a must-have benefit by 71% of boomers. Younger workers are more likely to prioritize mental and financial well-being, with legal services and student debt assistance on their must-have lists.
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