Gen X is the “forgotten generation” and the “sandwich generation.” They’re resilient employees and they’re active in the economy. But, they struggle to take care of their aging parents and young children. Helping clients attract and retain Gen X employees will be about getting Gen X employees connected to benefits that support their well-being and help them provide for their family.
Top 4 Employee Benefits for Gen X
Here are the top four Gen X employee benefits to pay attention to right now and why.
1. Fair Pay
Gen X is strongly motivated by financial security, mainly because they’re taking care of young children and aging parents at the same time. It’s vital for them to know that they have the income and financial stability necessary to care for their dependents.
In fact, nearly 89% of Gen X employees would participate in a workplace financial education program. Financial stability also motivates at least one-quarter of Gen X to remain in their current jobs.1
Paying Gen X salaries that match or exceed their market value and offering regular bonuses for performance are the best ways to attract and retain them. Unfortunately, the market hasn’t motivated employers to accelerate wage growth in recent years, and far too many companies have yet to adopt aggressive pay philosophies.
So, brokers will want to encourage clients to compensate their Gen X employees through benefits compensation and other incentives (e.g., signing bonuses, retention bonuses). Benefits that help Gen X take care of the people they love are particularly attractive to the “forgotten” generation.
2. 401K Options with Competitive Matching
Gen X is spending money to raise their children while simultaneously spending upwards of $12,000 caring for aging parents. They’re constantly being forced to make more money to take care multiple dependents. So, being able to save, and save enough, is consistently on their minds.
Employers need to offer Gen X employees ways to save. Providing them with 401k options and competitive matching programs is an ideal way to help them save because half Gen X reports falling behind in saving for retirement3. They also believe that nearly half of their retirement income will come from 401ks and pensions, not social security3, and they blame their lack of retirement savings on not making enough money—another reason why good pay is such an essential benefit to the sandwich generation.
So, it’s important to help clients understand that they need to be offering Gen X’ers competitive 401k programs, if not excellent pay as well.
3. Well-Being Support
Benefits that improve work/life balance and promote health are important to Gen X because they need to be available to their dependents and in good enough health to take care of them.
Fortunately, as a broker you’re well-posed to assist clients with employee benefit solutions and benefit administration solutions that cater to Gen X.
For Gen X, you’ll want to connect clients to more voluntary benefits that help their Gen X employees take good care of themselves and their families.
Gen X wants to be able to afford the healthcare services that are not covered by their primary insurance— for themselves and their dependents. Doing so makes them feel like they’re doing an excellent job as a caretaker.
Brokers need to understand this and make sure their clients consider voluntary benefits like dental and vision that support the well-being of their employees.
Dental insurance is a good place to start given that dental care is commonly foregone when money’s an issue, and even those at 250% above the poverty line forego dental care because they can’t afford it.4
4. Flexibility in Several Areas
There are four areas of flexibility that matter to Gen X.
Gen X cares about where they’re able to work, how long they work in a given week, and when and how they can take a vacation and sick days.
Members of Gen X that take care of parents or older relatives spend an average of 11 hours per week helping with chores, shopping, meal prep, and transportation, and approximately one in five Gen X’ers spend over 20 hours per week providing care.
Couple this responsibility with the fact that the overwhelming majority of those in Generation X are also raising at least two kids, and it becomes evident that Gen X has a lot on their plates and they need their work to be flexible.3
Allowing members of the sandwich generation to work longer on days they don’t need to be home early so they can get home earlier on days they do makes this generation feel supported and valued. Same goes for letting them work from home and letting them take vacation and sick days when and how they need them— without fear, restriction, or negative repercussions.
Supporting Multiple Generations at Work Starts with a Broker
There’s no denying it—employers rely on you to help them make the best decisions for their employees. Understanding what benefits are most important to different generations is one of the ways you can make a big difference in the lives of those you serve, and we’re here to help you execute that mission. You can learn more about the ways we help brokers succeed and grow on our broker page today.
Sources:
1. https://www.benefitspro.com/2018/01/10/what-benefits-matter-most-to-gen-xers/
2. https://www.cnbc.com/2015/09/10/caregiving-is-becoming-increasingly-common.html
3. http://www.lifehappens.org/wp-content/uploads/2015/02/Research_MetLifeStudyofGenX-TheMTVGenerationMovesIntoMidLife.pdf
4. http://familiesusa.org/blog/2015/07/too-many-adults-continue-go-without-dental-care
