By Jane Hulme, HR Director Let’s call it ‘the LEGO effect’. Although today’s multigenerational workforce doesn’t quite fall into the broad age bracket of 4–99 recommended for many of the company’s products, for the first time ever, five generations now collaborate in UK workplaces. This ranges from the youngest members of the Silent Generation approaching 80 (but not about to retire quietly) to Generation Z in their 20s. UK workplaces are now truly multigenerational spaces, marking a new combination of motivations, personalities, and dynamics. For those managing multigenerational workforces, actively engaging employees across all age groups is crucial. This approach not only ensures employee satisfaction but also builds a culture of inclusivity and belonging. By supporting all generations to thrive in the workplace, businesses can gain a valuable competitive advantage. Of course, one of the greatest challenges of a multigenerational workforce is the number of different life stages represented in your workforce population. Any reward and benefit strategy that your clients develop must offer their employees choice and flexibility to ensure that each generation can access benefits that best suit their individual circumstances. A recent report from WPI Economics commissioned by Unum UK demonstrates a clear link between health, happiness and productivity. The survey of more than 4,000 employees revealed that over 50% of respondents of all ages believe that a wider employee benefits package (such as access to Employee Assistance Programmes and virtual GP appointments) would impact their happiness at work. A step-by-step guide for your clients Below is a step-by-step approach for helping your clients design a flexible reward and benefit strategy that engages their entire workforce — from Gen Z to the Silent Generation. Our research highlights that, on average, 60% of surveyed employees of all ages said that a poor benefits package would influence their decision to leave their current job. This reinforces1 the role a comprehensive benefits and reward strategy can have in recruiting and retaining top talent. Workforce demographics The initial step involves gaining a true understanding of their workforce demographics. Encourage them to analyse the age distribution across the business and consider that, while some benefits will be universally appreciated across their workforce, there may be unique needs and motivations of each generation and each diverse strand. By recognising which life stage employees are at, your clients can tailor benefits that resonate with everyone. Workforce needs and expectations Next, they should consider gathering feedback on the needs and expectations of their employees regarding their reward and benefits preferences. Surveys, inclusive focus groups and one-to-one discussions are great ways to collect this information whilst simultaneously engaging the workforce. 14 SUMMER PROTECT NEWSLETTER Helping your Clients Craft their Benefits and Rewards Strategies
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