This Benefits Strategy Could Be The Key To Retaining Employees In All Generations

Understanding the unique preferences of each generation in the workforce should become a top priority for businesses looking to establish a more supportive and productive workplace this year. This is especially true when considering employment benefits.  

The Forbes Advisor’s 2024 survey on workplace benefit trends offers a detailed look into how different generations value various aspects of their employment benefits. The key findings reveal a strong desire for flexible work arrangements, mental health resources, and professional development opportunities across all age groups. However, each generation prioritizes these benefits differently. 

For one, employees value mental health services. According to the report, employee well-being is more than just a buzzword these days, it is a “tangible metric with significant implications on productivity and retention.” The survey reveals that 34% of the workforce feels underappreciated, stressed (36%), anxious (26%), and burnt out (20%).  

Further, insurance coverage for mental health services emerged as a top priority across most age groups — with Baby Boomers showing a unique preference for dedicated office spaces for mental health processing. Gen Z, on the other hand, favors wellness reimbursements and mental health workshops. 

Professional development opportunities are another area where employees across generations converge — with the survey revealing a strong preference for access to learning management systems and company-wide training from other departments. Other professional development opportunities that ranked high include continued learning opportunities, performance reviews, and manager training. 

Despite the universal themes, job satisfaction levels varied greatly, with Gen Z and Millennials reporting below-average scores. When it comes to job satisfaction, Gen Z scores an average 5.2 out of 10, and Millennials scores 4.6 out of 10 — indicating areas that may require additional attention from employers. For comparison, Gen X holds the highest levels of job satisfaction at 6.6 out of 10, followed by Baby boomers at 5.6 out of 10.  

The desire for greater flexibility is almost universal. The survey reveals that 79% of the respondents prioritize flexible work options when it comes to how they value a job. Flexibility also extends to offering greater benefits for working parents, with 64% of respondents expressing the need for flexible parental leave.  

The data suggests if organizations listen to and address the diverse needs of their workforce, through targeted and responsive benefits strategies, they will be in a better position to retain talent in a multigenerational workforce.