One facet of maintaining a strong workforce for businesses is understanding and supporting the generations of their organizations. Each generation comes with its wants, needs, and values.
Let’s explore the generation that’s been in the workforce the longest. Born between 1946 and 1965, Baby Boomers comprise 19% of the U.S. workforce. Not every Boomer wants or needs to retire. With long-term experience and knowledge, Boomers can be some of the most productive employees in a business.
What motivates Baby Boomers to be productive?
According to the 2024 Marsh McLennan Agency Employee Benefits Trends report, Boomers are team-oriented and optimistic about their work. However, they can be highly competitive and driven, leading to workaholic tendencies.
Boomers prefer traditional workplaces, and they value responsibility and respect the authority of the management hierarchy. They are loyal and expect loyalty in return. They see work as the road to success and will sacrifice to get where they want.
What do Boomers want from the workplace?
The Boomer generation sometimes works past retirement because they are not financially prepared. Boomers desire work flexibility and will even shift to part-time roles within the company to achieve it. According to the Bureau of Labor Statistics, 33% of Boomers see flexibility as their top priority in choosing or staying with a job.
As the generation with more medical concerns than younger employees, Boomers prioritize their health insurance. They’re also highly interested in 401(k) matching and financial planning support. However, the Benefits Trends report shows that 71% of Boomers admit they’re behind in retirement savings, and 27% lack any retirement funds.
What is the overall impact of Boomers on the workforce?
Boomers often carry knowledge that allows them to reach conclusions faster than their younger counterparts. They can also serve as mentors and help prepare the younger generations for more responsibility. Although Boomers value flexibility regarding how their jobs are structured, they believe in face time at the office and may fault younger generations for choosing to work remotely.
No matter the generation, support them all with the help of Marsh McLennan Agency
Self-funded or fully insured, find results that give your employees benefits that fit their needs. We offer your middle-market organization a variety of solutions to support any generation that powers your workplace.
Want to know more about what motivates each generation in your workforce?
Download our 2024 Employee Health & Benefits Trends report.
Contact a Marsh McLennan Agency consultant to discuss how you can support the generations in your organization.
