A Wall Street Journal article called
it ‘The Work Force of One’; the days of one-size-fits-all
benefit package is becoming a thing of the past as younger
employees are staying single longer and older employees are
extending their working years.
An aging population and four generations in the workplace
at one time have redefined the makeup of the ‘typical’ American
family. Employers, who are finding it more difficult to attract
and retain the best employees, are being asked to provide
a diverse choice of benefits in order to compete.
The Fifth Annual MetLife Study of Employee Benefits Trends,
reported “distinct differences amongst singles, young families,
baby boomers, and pre-retirees.” Benefits such as work/life
balance, 401k investment education and general financial planning
are increasing in value. For example, financial planning was
ranked as being either an ’extremely important’ or ‘very important’
benefit by 29% of employees in 2004, but by 2006 that number
had grown to 37%.
As expected, the needs for the distinct populations are quite
different. Younger families, under the age of 35, are drawn
to the benefit of financial planning and aging workers place
a greater value on benefits such as flexible work hours and
the ability to telecommute.
So, what does the future hold? As employers place a greater
emphasis in attracting and retaining the best employees, a
customized approach to benefits design will increase in importance
as well as a greater emphasis on working conditions.
Cindy Ridley is the former owner of Human Resource Staffing.
She now serves as a Benefits Consultant to the KNW Group.
Contact Information; 952.847.1352 or email: cridley@knwgroup.com
Source: The Wall Street Journal, Saturday/Sunday,
June 16, 17, 2007. Fifth Annual MetLife Study of Employee
Benefits Trends; Findings form the National Survey of Employers
and Employees, 2007.
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consent of Human Resource Staffing. Don Schmitz is a popular
speaker and writer on all aspects of HR and CEO of Human Resource
Staffing. Don holds graduate degrees in Education, Administration
and Human Development.
Contact Don@HumanResourceStaffingInc.com
952 854 6040
