Employee Satisfaction and Multi-Generational Workforce

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A generational shift in the workforce has been occurring and Millennials and GenXers make up the fastest growing segments of the workforce.

With that being said, baby boomers are staying in the workforce much longer than previous generations. According to the US Bureau of Labor Statistics, one-third of the US labor force will be in the 50-plus age category, compared to 27 percent in 2007.

Employers are dealing with the challenging task of providing generational motivations to a diverse workforce

A report by Mercer showed nearly 40% of employees are considering leaving their current employers.

Good employees are much more likely to leave if they believe there is something else for them to go offering something they value more.

Your benefits plan and gauging employee desires can play an important role in minimizing the consequences of high voluntary turnover

It can be crippling to lose a high-performing individual from your organization but with the right strategy you can help protect your company.

So you might be wondering where to start and how you’re going to keep those quality employees and avoid the financial and other costs associated with turnover.

Employers need to work with their HR department and benefits advisor to examine their workforce and determine what their employees value most

Your older workforce might value access to richer low-deductible health insurance plans, strong retirement plan package and additional supplemental benefits.

The younger generation might place more value on flex time and a clear path for advancement within your organization. A newer benefit picking up steam in the market that is highly attractive deals with a student loan repayment programs.

Addressing the needs of your workforce is critical in determining what to offer your employees in the form of benefits. Find out what motivates them and what might not be delivering the value you intended.

Take the time to develop a strategy now so you can keep your company moving in the right direction with the best talent. If you liked to learn more, contact me at slorince@insurancecenters.com. 

Scott Lorince, CBC