Leadership Coaching: Economic Realities And Employee Benefits Of Multigenerational Workers

Managing A Multigenerational Workforce

Organizations thrive with the effort of multigenerational employees in their workplaces. Any sensible company would want to ensure long term success of their business, so they make means to enforce judicious and efficient management. Part of doing so is to provide their workers with the right benefits. Primarily, leadership in the organization has to gauge the different sets of generations that comprise their workforce. What are their economic realities, needs, attitudes and preferences?

Half of the number of workers worldwide is Gen Y employees- a normal cycle of corporate ecology and chronology. Consequently, we find that Baby Boomers are gradually finding their way out of the workforce, retiring into ease and enjoying the recompense of their years of hardwork. Dr. Ronald Leopold, an influential thought leader on employee benefits, surmise that companies need to recruit and retain younger workers. It is critical for a business to knowledgeably manage this growing pool of talent.

Gen Y Employees at 25 Vs. Baby Boomers at 25

Gen Y workers are more reliant on employee benefits than Baby Boomers because of the current global economic downturn. Gen Y employees at 25 years old have to strive amid financial difficulty and reduced opportunities, as opposed to Baby Boomers who thrived in an era of prosperity and opportunity when they were 25. Younger women employees, in particular, need more focus in devising employee benefit design and communication. This populace express that they are dissatisfied with how their benefits are explained to them. This bracket is acquiescent to bigger improvements in employee benefit strategies, which in turn bodes well with a greater return on investment for companies.

What about employment decisions? Organizations have to manage employee benefits which play a stronger role for Gen Y workers' employment decisions. Fifty- four percent of Gen Y employees say that they consider working for another employer a year from now, while only 21% of Baby Boomers think of the same.

Recruitment Of Both Younger and Older Workers

A research done by Colonial Life, an insurance carrier, found that Gen Y employees are the least financially stable segment of workers. This is the sector that values significant benefits packages and personalized communication. However, according to Steve Bygott, one of the researchers of Colonial Life, Gen Y workers are woefully underinsured.

There is indeed a growing emphasis on recruiting younger people to sustain the organization's workforce, but Edwin (Ed) Redfern, a panelist at the EBN- produced 25th Annual Benefits Forum and Expo in Phoenix, Arizona, advised that employers should also recruit and retain older workers to attract proficient and experienced talent.