How do you appeal to five different generations and keep costs down?
Looking after staff across five different generations is not easy. From baby boomers through to Generation Z, each have their own preferences when it comes to the benefits they enjoy.
And trying to offer a flexible range of perks across these age groups is made even harder given the backdrop of rising costs, especially on the healthcare front. This is one of the key findings from Willis Towers Watson in its 2019/2020 Benefit Trends Survey.
Cedric Luah, Managing Director, Head of Health & Benefits for Asia and Australasia for Willis Towers Watson, said: ‘’While controlling costs remains their top challenge, employers are increasingly focused on a broader benefit strategy that goes beyond their core health and retirement offerings. Companies are now looking for ways to better connect with employees to meet the benefit needs of a diverse workforce and get the most value for their benefit spend.”
Understanding the workforce is crucial to modernising an organisation’s benefit strategy and companies are increasingly putting a greater priority on wellbeing. Employers now consider wellbeing as a much broader concept, comprising four components – physical, emotional, financial and social. This broader range of wellbeing now includes identifying and managing mental health and stress, says Willis Towers Watson.