It doesn’t matter if a company is starting up, is a small to medium sized company, or a large multinational enterprise when it comes to the age of your workforce. Some companies might actively recruit young candidates as they will be hungrier to climb up the company’s career ladder, whereas others will prefer older more experienced candidates that can bring a wide range of skills to their job. Of course, there are companies that will be the most typical example of having a mixed workforce when it comes to ages. Some employees might be starting out and others might be closer to retirement. How does a company handle total rewards and benefits when there are obvious generational gaps between employees?
For young employees:
As we have covered in other blogs, talent acquisition has become a problem during the pandemic and hybrid / remote work has now become part of the norm when it comes to work practices. Offering a generous total reward and benefits package that includes simple things such as gym membership, insurance, and retail discounts are key when attracting the younger generation of employees.
For older employees:
The same total rewards and benefits should be available to the older generation of workers but with one exception: when it comes to thinking about retirement. According to credit management company, Lowell, 17% of British employees are delaying their retirement by at least 5 years due to debt, with a further 12% thinking about making it at least 10 years. In the USA, a recent survey stated that 30% of people over 65 said they expect to postpone their retirement by 3 years. The survey went on to say that “these delayed retirements are negatively affecting workers and business.”
Catering for a broad spectrum of employee ages is crucial
In a previous blog, we advised how benefits are key for employee retention, but we also highlighted how important it is to support all workers when it comes to their financial wellbeing, especially in times of high inflation. For young employees, a health and wellness contribution could really make a difference to them, but what about older employees?
Jonathan Watts-Lay, Director at WEALTH at Work, a financial wellbeing and retirement company in the UK, stresses that it’s becoming increasingly important to support workers are thinking about retirement – and this also includes employees that are aged 45+, who may feel confused about their current financial state and feel they might not be able to ever retire.
Watts-Lay says, “Employers play a key role in ensuring that employees make informed choices at the point of retirement. Financial education and guidance are imperative for employees to help them to understand their options and any red flags to look out for.”
Enter an effective total rewards and benefits mobile first, digital HR platform
The best way to tackle total rewards and benefits across your entire workforce, regardless of age, is through a mobile first, digital HR platform. The first step for employers is to create an effective channel of communication that first addresses the whole organization, but also addresses each employees’ own specific needs. No matter what age an employee is, the communication should be simple, trustworthy, and when it comes to the subject of retirement – this shouldn’t wait until an employee is approaching retirement age. Through a digital HR platform, it’s a good idea to create online videos about insurances and pension schemes, but also make it possible for employees to book face-to-face meetings if need be.
When a digital HR platform is implemented, companies usually see improvements across the board when it comes to their employees. If a younger employee feels they are getting more than just their wage, and the company they are working for is offering decent rewards and benefits, then they are more likely to stay at that company and be more productive. Likewise, if older employees feel they are having their needs met when it comes to issues like, for example, pensions and insurance, and feel that they have some ownership in the matter, then these issues are put to bed and employees feel more relaxed.
To wrap up, the key takeaway from this blog is that communication has to be simple, straightforward, and shouldn’t be condescending. Every employees’ situation is different, so communication needs to be tailored to each individuals’ needs. Take the stress out of employee worries before they manifest and take hold.
Want to find out more about how to tackle employee financial wellbeing? Check out our e-book Financial Wellness: The Topic You Can’t Afford to Ignore.