Every generation of employees wants benefits that fit their needs, and there is no question that they value their health benefits. They rely on these benefits to help them manage their medical and daily living needs. Millennials make up the largest group of workers in today’s labor force, and they get the most press and media analysis. However, Generation X is the second largest group, comprising 33% of the workforce, and may make up a more significant portion of your leadership team.
Clarification of the Generation
Generation X is sometimes called the sandwich generation because they are stuck between the larger generations of Baby Boomers and Millennials. I’ve read Gen X humorously referred to as “the core of the sandwich” because they are in between slices of childcare and senior parent medical care. This group of loyal workers was born between 1965 and 1980. Gen X prioritizes education and career growth opportunities. When they can accomplish both goals on their job, they will stick with that employer longer than Millennials.
Emphasis on Benefits
Generation X appreciates benefits that support work-life balance, such as flexible working hours, childcare, and financial protection. After all, they are sandwiched into caring for their parents and children.
This generation of employees knows what they want and gathers the resources and skills to find what they need. They make benefits decisions based on their doctors, peers, and social media recommendations. They like face-to-face meetings, emails, texts, online videos and Zoom meetings. Gen X employees will consume benefits information choices in various formats like print, email, and text.
They value traditional health benefits, like medical, dental, and vision, but they want multiple coverage choices. Benefits offerings like telemedicine, wellness programs, and financial wellness education are popular with Generation X because they make prioritizing health easier.
Financial benefits are vital to engaging these workers. Benefits like 401Ks, life insurance, and student loan repayment assistance are great tools to retain these hard-working employees. According to PWC, more than 53% of Gen X employees are worried about their financial well-being. On average, Gen X workers have student loan debts of $40K for themselves. They also have loans and payments for their children’s education. To keep Gen X engaged, consider offering student loan repayment, life insurance, and dependent care.
Employers who offer work flexibility and the right benefits can retain and engage Gen X employees. We have experience across businesses of all sizes and verticals. We know what employees expect and how to deliver custom benefits solutions to meet your needs.