Exploring Workplace Benefits Across Generations in 2024
In modern workplaces, employee benefits aren't merely additional offerings; they play a crucial role in shaping the job satisfaction of various age groups. With the aid of advancing technology in People management, it's critical for companies to understand the diverse needs and preferences of their employees, spanning all generations.
We looked at a big survey of 1,000 working Americans, done by Forbes Advisor, to understand this better. While many people know that getting along with People Department affects how they feel about work, there are still areas where companies could do better, like making it easier for employees to get healthcare information and keeping them updated about company updates.
Gen Z and Millennials: Wanting to Feel Good About Work
To feel satisfied with your job is fundamental in the work space. The survey findings revealed that younger generation workers, like Gen Z and Millennials, tend to have lower levels of job satisfaction when compared to their more senior colleagues. This emphasise the importance for companies to identify and address the factors contributing to the dissatisfaction of younger employees in the organisation.
What Companies Care About and Do
Companies that show they care about their employees make them feel good. Things like making sure everyone feels included or balancing work and personal life are important to everyone. But different age groups have different things they care more about. For example, younger workers care a lot about getting paid fairly, while Millennials really want to see diversity and fairness in their workplaces. Surprisingly, things like getting recognized for good work don't seem to matter as much to most people.
Top Company Initiatives by Generation in 2024
Forbes Advisor found the company initiatives that workers believe their company is genuinely committed to.
Rank | Gen Z | Millennials | Gen X | Baby Boomer |
1 | People-first culture | People-first culture | People-first culture | People-first culture |
2 | Work-life balance | Work-life balance | Work-life balance | Work-life balance |
3 | Pay equity | Promoting talent | Promoting talent | Promoting talent |
4 | Promoting talent | Diversity, equity, and inclusion programs | Pay equity | Team feedback and goal setting |
5 | Diversity, equity, and inclusion programs | Pay equity | Diversity, equity, and inclusion programs | Pay equity |
6 | Team feedback and goal setting | Team feedback and goal setting | Team feedback and goal setting | Diversity, equity, and inclusion programs |
7 | Team recognition programs | Team recognition programs | Team recognition programs | Team recognition programs |
Different Generations, Different Benefits
Companies are changing the benefits they offer to better fit what employees want. Even though people like the idea of working flexibly, most younger workers also really want help with their mental well-being. Older workers are more interested in things like time off and parental leave.
Mental Health is a very Big Deal
Feeling good mentally is super important at work. Most employees think their companies should do more to help with this. Things like paying for mental health services or offering workshops on how to manage stress are really appreciated.
Learning and Growing at Work
Improving skills on the job is a goal for everyone. Many employees value having access to learning resources and receiving training from various departments within the company. This indicates a strong desire among workers to expand their knowledge and enhance their performance.
Wrapping Up: What Companies Should Do
The survey showed that what companies offer their employees really matters. While some things are important to everyone, like flexibility, other things matter more to different age groups. Companies need to pay attention to this and make sure they're offering benefits that make all their employees feel happy and supported at work.
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