More than half (56 per cent) of UK employers believe that meeting the diverse needs of a multi-generational workforce will be their number one employee benefits challenge over the next three years.
Despite this recognition, the 2019 Benefits Trends Survey from Willis Towers Watson found that less than half of employers (49 per cent) claim to understand their workforce requirements and just 36 per cent have tailored their benefits portfolios to meet their needs.
“As each generation marches relentlessly onwards to the next stage of their lives, and the stretch between age groups becomes more pronounced, the pressing need to cater for their diverse and ever-changing needs becomes more apparent,” said Mark Ramsook, senior director at Willis Towers Watson Health & Benefits, Great Britain & Western Europe.
“The complimentary attributes of youth and experience can deliver significant business value but, at the same time, each generation has differing requirements and expectations. This calls for a flexible approach to benefits strategies that reflects the needs of all employees, maximises inclusivity and engagement, while ensuring the employee population feels valued.”
Hot on the heels of the multi-generational workforce challenge, the Benefits Trends Survey found rising benefits costs was a concern for 51 per cent of employers, while 46 per cent cited the challenge of communicating benefits choices.
Elsewhere, the survey found that the talent experience topped the agenda of benefits priorities for the coming three years, with almost three-quarters (72 per cent) of businesses planning to focus on benefits engagement and delivery.
Eighty-three per cent said they were looking to enhance the communication of benefits, 70 per cent are set to prioritise online portals and apps, while 66 per cent will implement or enhance employee self-service.
For a personalised benefits strategy assessment, contact Willis Towers Watson on 0800 4880 989 or email@example.com.