The workforce of today spans four diverse generations, each with their own unique needs. Employers are tasked with providing benefits that will attract, retain, and support employees across this multigenerational work force. With the wide variety of age groups in one work environment, it’s important to understand how to foster a culture that embraces the unique needs and differences of each.
Generations of the workforce
Understanding the goals and needs of each generation helps identify common ground and essential benefits across these industries:
- Baby Boomers (18% of workforce) seek financial security, flexible schedules, and medical benefits, with a focus on retirement planning and preventative care.
- Generation X (30% of workforce) values work-life balance, and financial stability, with a strong emphasis on traditional medical benefits.
- Millennials (over 33% of workforce) prioritize mental health support, flexible schedules, and professional development opportunities, while also facing significant financial pressures from student debt.
- Generation Z (15% of workforce) desires personalized benefits that support mental and emotional health, along with career development and flexible work arrangements.
Overall, leaders must be adaptable, seek common ground among age groups, and consider voluntary benefits to meet the diverse needs of their workforce.
The increasing age gap
With the biggest age gap, Gen Z outnumbers Boomers in the construction and real estate industries as Boomers return to their professions or delay retirement. Workers over the age of 65 are expected to grow 34% by 2032. It’s more important now than ever for construction and real estate companies to highlight benefits that cater to both ends of the age gap.
Taking action
Age differences can bring about friction and tension in the workplace, but they also hold potential. Through taking initiative to place mentorship and reverse mentorship programs, companies can offer chances for their organization to strengthen collective skill development. For example, members of Gen Z bring fresh perspectives and knowledge in new technologies, where Boomers pass along previous work experience to younger workers. Companies that acknowledge diversity in generations and place these mentoring programs had profits 18% above average in their industry. Implementing solutions for generational gaps can cultivate diversity in thought process and build trust amongst employees of all ages.
More information
To learn more, download our latest whitepaper on Understanding benefit preferences in a multigenerational workforce. Contact an MMA insurance advisor to learn how you can cater to your employees’ needs in your construction or real estate firm.
