Why tailoring benefits by life stages matters: 5 industry leaders’ insights
"Benefits by Life Stages" was the overwhelming response to a recent NEEBC survey gauging interest in various benefit topics. Perhaps this response shouldn’t be a surprise. For the first time ever, workplaces may have up to six generations in their workforce1, spanning across as many life stages2. While each generation is typically at a different life stage with unique benefit priorities, there may be some overlap. As shown in the diagram3 below, each stage has unique employee benefits priorities. Recognizing and addressing these diverse needs – both by life stages and generations – and reconsidering a one-size-fits-all approach to plan design may lead to a more engaged, satisfied, and loyal workforce.
Characteristics and Recommended Employee Benefits
by Life Stage
Another Life Stage to Consider
A “life stage” gaining in recognition by employers is menopause. Almost a third of today’s workforce is comprised of menopause-aged women (women between the ages of 45-55 years old)4. As this number grows, more organizations are considering menopause in their benefits plan design.
“To attract and retain talent, and to provide a comfortable and productive work environment for their employees, employers are adding menopause support to their overall benefits strategies.”
Menopause: The Next Frontier in Employee Benefits (Brown & Brown)
How and why design a benefits plan that fits multiple generations and life stages?
To answer this question, we reached out to our Annual Corporate Partners in the benefits brokerage and consultancy field. They shared their perspectives, research and recommendations. The following articles are insights from industry leaders.
“Exceptional employers create a portfolio of solutions that support employees through various life events. Though it may seem daunting, benefits industry professionals can help employers curate a robust benefits portfolio, create a meaningful communication strategy for those benefits and help reveal the best supporting technology.”
The HUB Q&A: Making Benefits Work Across Generations and Life Stages (HUB International)
“Benefits need to meet individuals where they are by allowing enough flexibility to appeal to employees — of any generation — at all life stages.”
Modernizing Benefit Practices to Enhance the Employee Experience (Gallagher)
“Employers should consider the concerns that weigh most upon each group to provide benefits that attract and retain talent in each generational cohort.”
Employee Health and Benefits Trends: The Evolving Workplace (Marsh McLennan Agency)
“Organizations can utilize several different tactics specific to each generation that aim to improve employee retention, recruitment, employee satisfaction, as well as overall health and wellbeing.”
Multigenerational Wellbeing eBook (Aon)
Getting Started
During your open enrollment planning season, a strategic approach (utilization, demographic data, etc.) including life stages and generational preferences is advised. Employers offering innovative employee benefits, instead of a one-size-fits-all approach, may be more competitive in attracting and retaining top talent.
Supporting women's health at all life stages →
1https://hbr.org/2024/04/leading-the-6-generation-workforce
4US Bureau of Labor Statistics