An increasing number of global companies are actively tailoring benefits to meet the needs of Gen-X employees, including support for menopause, eldercare, health check-ups, and children's education, according to a recent BBC article. With workforces composed of various generations, employers are responding to the changing needs of their employees as they navigate through different phases of life and career. After offering student loan assistance and mental health support to attract Gen Z employees, and fertility and caregiving benefits to appeal to millennials, many employers now provide mid-life benefits to address the unique challenges of Gen X workers.
The article highlighted several companies and the benefit changes they have made to appeal to Gen X, including:
- Menopause-specific care, rolled out by Genentech, features on-demand video consultations with clinicians, classes on managing menopause symptoms, and referrals to in-person providers.
- Eldercare benefit and early cancer detection programs targeting the 50-plus demographic recently introduced by Salesforce.
- Navigation services for the university admission process for employees’ children, access to backup eldercare, and in-home care consultations are all new benefits offered by Adobe.
These benefits go beyond financial assistance; they express care and foster a strong emotional bond with employees. A Gartner survey last year revealed that a well-customized benefits strategy can increase employee retention by 11% and boost productivity by 12%.
Employers can also benefit from these new perks. In a volatile economy, companies face pressure to allocate resources wisely. Instead of increasing expensive insurance and 401k contributions, they supplement with more cost-effective options, enabling them to introduce these new specifically tailored benefits.
