The workforce is changing, the older generation is working longer and a new generation of workers is just starting out. With these changes new challenges are being faced and a one fits all approach to benefits is no longer enough. How can your business make sure you stay ahead of the competition?
As the landscape of the workplace changes, so do employees needs and wants. With the older generation working later and the younger generation just starting out can you ensure that your benefits scheme ticks all the boxes across your entire workforce?
Employees of today can fit into 4 age specific groups, veterans, baby boomers, Generation X and Generation Y. These groups potentially have very different needs and wants and these are not always what you would expect. So how can you make sure that you offer a benefits package that suits everyone including prospective employees? It seams that a one fits all approach just won’t cut it anymore.
So is the future of a company benefit scheme offering a more pick and mix approach? By incorporating options and allowing an employee to choose a benefit which best matches their current lifestyle you will be to meet the needs of your current employees as well as being able to attract a higher calibre and more diverse selection of new recruits when required.
A flexible benefit scheme will enable you to adapt your offering as your business and your workforce develops therefore ensuring the continued value of the scheme to your employees no matter what their age and current circumstances.