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 Canadian workforce, and that’s unlikely to change in coming years. Employee Standards has projected 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. “Different generations have different priorities and goals; the most competitive packages will reflect that.”
Why do you think this model will attract and retain employees?
Even if you have great health plans, it might not be all that appealing to employees based on where they are in their lives. Having flexible benefits makes it possible to cater to all demographics.
How would younger workers benefit from flexible offerings?
A higher starting salary is always great, but a lot of young employees who have limited health expenses are eager to start a TFSA that is going to make their life better, and help you stand out as an employer.