Workplace Insurance Benefits
Look around a typical workplace and you’re likely to see four generations of employees — Baby Boomers, Generation Xers, Millennials and Generation Zers. With that much diversity, it stands to reason that each generation needs different benefits. The current worker drought also has also increased the importance of addressing employees’ needs, especially as they have become more particular about which jobs, they think will give them security.
A study conducted by LIMRA, and Ernst & Young found that employees across all generations view workplace insurance benefits as more valuable today than before the COVID-19 pandemic. Those most interested in benefits were millennials (47 percent), followed by Gen Xers (33 percent), Gen Z (29 percent) and baby boomers (24 percent).
So, what do they each want in benefits? According to human resources experts, the main consideration is where each age group is in their careers.
Generation Zers, born between 1997 – 2012, are just starting their careers, so professional development, such as mentorship and paid training programs, are highly prized. Health insurance and 401k plans also are valued.
Millennials, born between 1985 – 1996, are still early in their careers too, so training and career development opportunities are important. They also appreciate team building courses; social and offsite events; and flexible work hours.
Generation Xers, born in the mid- 1960s to the mid-80s, are the most interested in health care benefits such as major medical, dental, vision and life insurance. They are also thinking about retirement accounts and student loan assistance for their children. Tax-advantaged accounts such as Flexible Spending Accounts (FSA), Health Reimbursement Arrangements and Health Savings Accounts (HSA), paired with a High Deductible Health Plan, also are popular.
Baby boomers, born between 1945 – 1965, favor traditional benefits: medical, dental, vision, life insurance and 401(k) accounts. They also appreciate tax-advantaged health care accounts, like FSAs and HSAs.
Copyright © 2020 Smarts Publishing
About the Author
Share This Story
Related Blogs
Workers’ Compensation: Avoiding the Most Common School Staff Injuries
School districts work hard to keep students safe, but [...]
Marketplace Coverage and Employer Plans: What Employers Need to Know
As Marketplace health plan premiums rise and subsidies shift, employers are seeing more requests from employees (and their spouses) to drop Marketplace coverage and enroll in an employer-sponsored health plan mid-year. While this may feel straightforward, Marketplace rules and employer plan rules do not always work the same way.
2026 Compliance Update: More on Last Month’s Key Regulatory Changes
In our January issue, we outlined the major compliance themes shaping 2026. This month, we build on that foundation with a deeper look at the annual updates, effective dates, and action steps employers need as the new year begins.