At our annual client conference THINK on November 1, 2023, Jacquie Fritsch, Principal Consultant, Global Benefits at Cowan Insurance Group, led a panel discussion addressing the impact of five generations in the workforce on the design of group benefits programs. Focusing on diversity within each generation, the panel emphasized the ineffectiveness of relying on stereotypes when designing group benefits programs for a multi-generational workforce.
There are multiple generations in the workforce today. Despite common stereotypes, there is much diversity, even within each generation. Relying on stereotypes when designing a benefits program for your workforce is not a helpful strategy for supporting diversity within an organization.
The discussion highlighted strategies for fostering a multi-generational workforce, including personalization, data-driven decision-making, feedback solicitation, clear and meaningful employee communications, and staying current with industry trends. The panel talked about the lifestyle category being under close scrutiny by carriers, employers, and employees alike, mainly due to the increased focus on weight loss and anti-obesity drugs coming onto the market.
Total compensation planning was also discussed, emphasizing the importance of involving stakeholders and employees in the decision-making process to introduce diversity. Successful employers in a diverse workforce remain mindful of employees' needs at all career stages to keep them engaged.
Recognizing that the meaning of financial wellness varies from person to person, depending on various factors, including their generation, the panel stressed the need to consider individual differences when providing employee education or resources. Staying current on benefit plan trends is crucial for employers to remain competitive, with a specific mention of monitoring changes in retirement plan trends.
The panel addressed mental health as a top diagnostic category in almost every industry, company, and category. With generational differences in how individuals approach mental health, employers are encouraged to manage, understand, and develop flexible programs aligned with their employees' diversity.
We can help your organization optimize employees' health through customized, flexible plans for today's diverse workforce. Contact us today!