Employee Benefits by Generation: Enhancing Employee Health & Wellbeing 

Each generation of worker brings unique perspectives and priorities to the workplace. These are influenced by their life experiences, societal changes, and technological advancements. As organisations strive to attract and retain top talent, recognising these differences is vital.

Our new research into employee health and wellbeing discovered the most valued benefits for Gen Z, Millennials, Gen X, and Baby Boomers. These core benefits include:

As they approach retirement, Baby Boomers prioritise benefits that support their health and longevity. These benefits are essential for ensuring a secure and healthy retirement.

According to our research, the top 5 health and wellbeing benefits Baby Boomers value are:

1. Preventative cancer screening.
2. Flexible retirement options.
3. Alternative work schedules.
4. Remote/hybrid working.
5. Medical second opinion and care navigation for serious conditions.

Their emphasis on remote and hybrid working arrangements reflects a desire to stay engaged in the workforce. It also allows them to manage health concerns more effectively.

Often called the "sandwich generation," Gen X employees manage multiple responsibilities. These include caring for both their children and aging parents.

Our research shows that the top 5 health and wellbeing benefits Gen X value are¹:

1. Alternative work schedules.
2. Preventative cancer screenings.
3. Remote/hybrid working.
4. Flexible retirement options.
5. Medical second opinion and care navigation for serious conditions.

They focus on cancer screenings and medical second opinions. This shows they take a proactive approach to health. They also value benefits packages that include financial benefits and professional development opportunities. These enable them to plan for the future while managing their current obligations.

Known for their adaptability, Millennials highly value flexible work arrangements. They also seek opportunities for professional development.

The findings from our research tell us the top 5 health and wellbeing benefits millennials value most are:

1. Alternative work schedules.
2. Remote/hybrid working.
3. Training in new skills and technology.
4. Flexible retirement options.
5. Mental health resources and screenings.

Their preference for alternative work schedules and training in new skills shows a desire for work-life balance. It also reflects their commitment to continuous learning. Mental health screenings and access to alternative mental health therapies also rank highly. This indicates a growing recognition of the importance of mental health in well-being.

This generation prioritises well-being and mental health support and well-being. Their top benefits include alternative work schedules and education on self-care and mindfulness.

From our research, the top 5 health and wellbeing benefits Gen Z value are¹:

1. Mental health screenings.
2. Alternative work schedules.
3. Remote/hybrid working.
4. Mental health treatment insurance coverage.
5. Education and tools for self-care, anti-stigma, mindfulness.

With increased awareness of mental health issues, Gen Z looks for employers who support their mental wellbeing. They value organisations that provide comprehensive workplace health initiatives and employee assistance programmes.

Across all four generational cohorts, our research tells us the health and wellbeing benefits most valued are:

• Alternative work schedules.
• Remote/hybrid working.
• Preventative cancer screenings.
• Flexible retirement options.
• Mental health screenings.

Understanding these generational preferences is more than just demographic analysis. It has profound implications for organisational strategy. Leaders must continually assess and adapt their benefits offerings to meet the evolving needs of diverse workforces. This includes workplace health initiatives and employee wellbeing programmes.

Embracing this approach will help employees achieve a better work-life balance. It can also boost job satisfaction. Additionally, it will support the long-term success of your organisation.

Are you looking for support in assessing your employee benefits? We can help with health promotion and occupational health benefits strategies.

Sources:

1. mercer.com/en-gb/insights/total-rewards/employee-benefits-strategy/health-on-demand-report/