December 03, 2019 | By Kayla Webster – Employee Benefit news
Customization is the key to building a benefits package that appeals to all ages, according to the CEO of a national benefits advisory firm.
Five generations are currently working side by side in the U.S. workforce, and that’s unlikely to change in coming years. The Bureau of Labor Statistics projects that a quarter of the workforce will be age 55 and up by the year 2028. Around 22% of the workforce will be between the ages of 25-34. With so much age diversity, employers will have to get creative if they want to appeal to their entire workforce.
“Employers who want to be competitive in a tight labor market have to stop using one-size-fits-all benefit packages,” says Elliot Dinkin, president and CEO of Cowden Associates, a Pittsburgh-based benefit adviser firm. “Different generations have different priorities and goals; the most competitive packages will reflect that.”
Dinkin spoke with Employee Benefit News about how employers can develop flexible benefit offerings.
How can benefit offerings be flexible?
You can tinker your offerings to be specific for individuals. Employers can do this by creating trade-offs that give employees more of, or redirect, a benefit based on where they are in their career.