Personalizing benefits for a multi-generational workforce

Today’s workforce is a mix of individuals representing at least four generations—from Boomers to Gen Z—each with their own priorities, perspectives and expectations. This presents a challenge to employers striving to align workplace benefits, plan design and communications to the needs of employees across the spectrum of life stages. That’s why employers and benefits providers are continuing to focus on creating personalized programs and experiences that can be more engaging, meaningful and valuable to a multi-generational workforce.

Offering the opportunity to choose benefits based on personal priorities

Many employers are offering an à la carte menu of benefits that allows each employee to choose the benefits that are most important to them. For example, a Baby Boomer may want more health care coverage, a robust retirement plan and flexible scheduling to help manage caregiving responsibilities. On the other hand, a Gen Z employee may prioritize remote work arrangements, more vacation days and help paying off student loans.

Connecting with employees through personalized communications

Each generation may have different communication styles and preferences. For example, younger generations generally prefer short and concise digital messaging, imagery and videos, while older generations appreciate in-person conversations. Tailoring messages to focus on relevant topics by life stage is also key to making a connection with employees and demonstrating that your company understands and cares about their individual needs. Employees are more likely to pay attention to personalized messaging and follow through on any calls to action.

As consumers, employees benefit from personalization in their daily lives—whether browsing online shopping recommendations or television shows based on their viewing history. And this carries over into the workplace. They expect their employers to know them and create experiences that match their interests and needs.

Personalization benefits both employee and employer

A higher level of engagement offered through personalization can help boost employee awareness of their benefits and encourage employees to use their benefits to help them manage their financial lives, pursue their desired lifestyle and work toward their goals for the future. But it’s not just workers who stand to gain from greater personalization of benefits—your company does as well.

Offering personalized programs and expanded benefit options can have a positive impact on employee job satisfaction, helping you sustain a productive workforce. In addition, fostering a more personalized culture can help attract and retain talent for your company.

Key takeaways

Consider ways you can gain a better understanding of what motivates employees through periodic benefits satisfaction surveys and other feedback channels.
Review your benefits plan design and employee engagement programs with your Bank of America representative to identify opportunities to add or enhance programs.