Until recently, corporate benefits plans were created for the generation of Baby Boomers. As these 77 million Boomers retire, only 46 million of Generation X (born 1965-1980) are available to replace them, resulting in a ëtalent famineí. The impact of this impending shortage is exacerbated by the differing work and lifestyle needs of the newer generations (X and Y). Yesterdayís Boomer plan wonít attract and compete in the race to hire and retain talent.
Members of this new workforce speak of ërelationship capital,í demand benefits that ëresonateí with their language, music and imagery, and are committed to work/life balance, often judging features and plans solely in the context of their personal lives. Progressive HR directors and benefit brokers will have an edge in marketing and meeting this challenge by addressing a broader range of preferences to these employees who maintain a relationship orientation to almost every aspect of benefits.
This article will discuss specific characteristics of the XY Generations in relation to successful benefit selling, such as Nintendo Nerds, Helicopter Parents, The New Singles (Extreme domestic partners--Lesbian couples with children), the affect of advertising to children and ëtweensí related to benefit buying as adults, HMOs as a ëplug ën playí option, and more.
The broker who makes a benefit package meaningful and approachable is critical in helping customer corporations to attract and retain a diverse and well- qualified workforce. Vendors have created a vast array of new products and channels to market to and attract the younger generation of workers and their families. Brokers can take these innovationsó(e.g. The Cell Phone Diet) and demonstrate their ability to reach the Gen X and Y population as well as bridge the gap between the past and present benefit needs in the work force. This is the edge that may make the difference between success and failure as we forge ahead with benefits selling in this brave new world.
Until recently, corporate benefits plans were created for the generation of Baby Boomers
As these 77 million Boomers retire, only 46 million of Generation X (born 1965-1980) are available to replace them, resulting in a ëtalent famineí
