AS the workforce changes, employers are having to account for the growing diversity among their employees, which in turn is prompting them to take a new perspective in terms of benefits.
The family is changing.
The definition of family is evolving. From same-sex marriages to an increase in single women in the workforce, employee demographics have created big shifts and changing needs.
Generational differences are no longer sufficient differentiators.
As people live longer, the workforce comprises a variety of generations. As much as we hear about Millennials, Gen Xers and Boomers, there is an increasingly great diversity within these groups. And across these generations, there is a diversity of needs.
Differences in education and salary.
Varying levels of education play a serious role in understanding and buying into benefit packages. Those who earn less place a greater value on the role of benefits in providing job satisfaction.
According to the most recent U.S. Employee Benefit Trends Study from MetLife, 58% of employees are interested in customized plan options based on personal info.
Consider these other statistics regarding workplace diversity and changing benefits.
- 51% of employees are interested in having employers provide a wider array of non-medical benefits that they can choose to purchase and pay for on their own.
- 52% of employees are willing to bear more of the cost of theirbenefits in order to have choices that meet their needs.
- Employees do not see themselves staying in one job for very long, so flexibility about when and how they work has become an outright necessity.
- 51% of employees said they are interested in contract or freelance work as opposed to a full-time, salaried job.
- 66% o femployees are looking to be in their same job in 12 months
- The proportion of same-sex cohabiting couples who are married has increased from 38% to 49%
- 75% of employees turn down professional opportunities because they’re concerned they will interfere withfamily commitments.
- 69% of employees have missed opportunities at work due to family commitments.
- 58% of employees have lost sleep due to worrying about adequate childcare.
- 60% of employees agree that their companies should expand parental leave to include both partners in leave options after a new birth or adoption.
- Millennial employees use voluntary benefits like critical illness, cancer insurance, and hospital indemnity in place of or as supplements to the more traditional benefits.
Tailoring solutions to the diversity of an employee base is just one way to make benefits more relevant in today’s world.