By Jennifer Sheridan, Associate | July 2024
It’s not (only) about the money. Employee benefits have become increasingly important to the American workforce and serve as a critical tool for employers to improve productivity, retention, and engagement. Employees say better benefits are the second leading reason for switching jobs, trailing only after higher pay. With the workplace becoming increasingly multigenerational, brokers and employers must design benefits packages that meet the needs of an increasingly diverse workforce with different priorities and expectations. This in turn creates a valuable opportunity for point solutions to differentiate by demonstrating their far-reaching relevance.
In their 2024 Employee Health and Benefit Trends report, Marsh McLennan Agency identified the key differentiators in motivation and preferences between the four generations in the workplace:
Despite the differences across generations, there are overarching strategies that can guide employers and point solutions alike in developing a comprehensive response to employee needs. Here are a few that we have been thinking about:
Women’s health
Only 55% of women say their benefits meet their needs. There is an opportunity for employers to deliver comprehensive women’s health strategies that support employees across generations, from fertility benefits to parental leave to menopause. 1 in 3 employees say that the future of work is about equity, and encompassing women’s health solutions may allow companies to deliver on this vision.
Providers and solutions operating in this space can pursue strategic partnerships, packing their services together, to help ease the managerial burden on employers. For example, partnerships between fertility and menopause providers can help employers have a single solution for every stage of a women’s health journey, decreasing the risk of point solution fatigue. .
Caregiver support
In our conversations with employee benefits leaders, we have heard increasing interest in caregiving solutions. Looking to the broader market, it is evident as to why: about 1 in 4 Americans is in the “sandwich generation” and responsible for taking care of aging parents as well as children under 18 or financially supporting adult children. Workplaces can play an important role in providing employees with resources to support them at work and at home.
And make no mistake, investing in caregiving has a measurable upside for employers. A recent analysis conducted by Harvard found a material ROI for employers who invest in caregiver support services.
Benefits navigation
Once you have developed a comprehensive benefits plan for your multigenerational workforce, don’t risk it going underutilized. Leveraging a benefits navigation solution and integrating it into different areas of employee life (intranet, platform landing pages, onboarding, quarterly meetings, etc.) can help employees access the benefits they need.
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Jennifer is a Strategy Associate at Archetype where she works with clients to accelerate growth and identify new opportunities for innovation.