assess how a company can create a benefits package that appeals to a diverse workforce. Make at least two recommendations for benefits that appeal to all three generations of workers ─ Generation X, Generation Y, and Millennials.
A company can and should create a benefits package that appeals to a diverse workforce. This can lead to keeping your current employees happy and tout the ability to attract new talent from different generations. The three main generations in the workforce now are baby boomers, generation x, and generation y (millenials).
Each of these generations has their own outlook on their jobs and careers with different wants and needs defining the generations. However, there are also some similarities which a company should use as a starting point for developing a competitive benefits package.
The first thing would be a fair, competitive (in the geographic region) wage. Money may not be the main driver, but people are not going to work for pocket change. This is especially true when hiring white collar workers. People need to feel they are being treated fairly regardless of what generation they are in.
The second recommendation would be to offer employees options when selecting a benefits package. This would allow them to cater to their own wants and needs. A company could offer an extra 2% in a 401K match or an extra week of vacation, a free meals or a free laundry etc. Using this would help the employees feel they are in control and may empower them in other areas.
Nov 13th, 2014
Did you know? You can earn $20 for every friend you invite to Studypool!