The Demographics of Benefits, Going Forward
Traditional benefit plans will continue to give way to more robust packages that not only reflect our increasingly customer-centric, digital-first world and experiential economy, but our multi-generational workplace. Flexibility is the name of the game now.
This is where solutions like health and personal spending accounts come into play by covering a wide range of options, from elder care to childcare, for the five generations that are now working side by side. In today’s competitive environment, health benefits can be deal-makers — or breakers — when negotiating an offer of employment, which makes a comprehensive cross-generational plan even more essential.
It has been said that today’s employers will “win with empathy”: those who show genuine concern for the wellbeing of their employees will be rewarded with high rates of retention and recruitment. Given the transient nature of today’s workforce, and the fierce competition for new hires, the importance of this cannot be understated.
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