Tailoring Multigenerational Benefits for 2024 Open Enrollment

Open enrollment provides an opportunity to educate the workforce about attractive benefits offerings that can help boost employee retention, satisfaction and engagement. However, with members of four or five generations making up the current workforce, finding a benefits plan that satisfies everyone can be challenging. Age often impacts employees’ most desired benefits, so consider the following generally preferred benefits for each generation:

The Silent Generation (1928-1945): Traditional core benefits, retirement benefits and formal employee recognition programs
Baby boomers (1946-1964): Caregiving benefits, workplace flexibility, comprehensive health care plans, retirement benefits and ongoing training opportunities
Generation X (1965-1980): Remote work, flexible scheduling and caregiving benefits
Millennials (1981-1996): Flexible scheduling, remote work, student loan repayment programs and ongoing training opportunities
Generation Z (1997-2012): Flexible scheduling, remote work and comprehensive employee assistance program benefits

While these are popular benefits among each demographic, they depend on the specific workforce and won’t apply in all instances. A successful multigenerational benefits plan will contain something of value for everyone.