Tailoring benefits for a multigenerational workforce

There are now four distinct generations working in British businesses. While there are plenty of benefits to having a multigenerational workforce - which can be attributed partly to their very different skills and experiences - it will come as no surprise to employers that it also means one size doesn’t fit all when it comes to their preferences and priorities.

That’s particularly the case for benefits. Age has a huge impact on what people are looking for from their benefits package, whether that’s increased pension contributions for those approaching retirement, flexible working for parents, or gym membership discounts for health-conscious but cash-strapped younger workers.

Many organisations organise benefits into a shopping list system to address these different requirements, but when it comes to health benefits, there’s much less flexibility. According to a recent article in Cover magazine, 4 in 10 employers do not target their health and wellbeing benefits according to their employee demographics, despite 76% saying they have received requests for specific and targeted support.¹

Different generations have very different health issues, and are often looking for different kinds and levels of support. It’s precisely why Equipsme plans have been designed to flex and grow with your staff.

We’re unique in the market because we’re the only provider that allows individual employees to pay directly themselves to upgrade their cover and/or add family members. It means employers can pay for a baseline package for the entire workforce, perhaps pay for enhanced cover based on longevity or seniority, but ultimately open the door to private healthcare for everyone. That allows employees to pick and choose the cover they want without the price tag of an individual policy, and without P11D tax or onerous payroll adjustments.

Here’s how some of those different priorities play out across the generations, and how Equipsme cover can help meet their needs:

We know that MSK issues are the third most common reason for sickness absences ⁹ in the UK, and Equipsme’s no excess physio sessions are a popular feature. While Gen Z males are more likely to get sport injuries, with the average age for these being around 21 ¹⁰, older generations are more likely to be living with MSK conditions like osteoarthritis, which affects 10 million¹¹ Brits ages 35 to 64.

Some of the biggest health concerns come from Generation X - the sandwich generation who care for children and elderly parents all at once. It’s at this age many start to notice a change in their health, not bouncing back as quickly from illness or injury, and for women, the onset of perimenopause. For this audience, precise, tailored, fast intervention is crucial, and it’s where AXA Health’s digestive and menopause pathways come into their own, as well as general diagnosis services, and our elder care support discounts.

For Generation Z and those younger millennials, it’s important to understand the pressure of financial concerns from things like student debt, living and housing costs - and the impact on mental health of living life online. One in three 18- to 24-year-olds ¹² now report symptoms indicating they have experienced a common mental health problem, such as depression or anxiety disorder, compared with one in four in 2000. If your workforce includes a large proportion of Gen Zs or Millennials, our wellbeing/stress support line could be a good addition to the standard Equipsme plan.

As people age, they’re more likely to want to get ahead of their health, and interest in preventative health benefits is generally on the rise, with the Reward and Employee Benefits Association (Reba) reporting a ‘surge’¹³ in health tests and screenings – like our Thriva tests - as part of workplace wellbeing plans.

Boomers are clearly most likely to be developing or living with age-related illnesses, including conditions like diabetes or heart disease. In fact 44% of Brits aged 50 to 64 years ¹⁴ have a health problem lasting or expecting to last more than a year. While private health plans can’t cover the treatment of chronic/long-term conditions, Gen Xs and Boomers are likely to still value quicker access to remote GP appointments and fast-track specialist diagnosis to help find out what is wrong sooner.

Equipsme’s Managing Director Matthew Reed explains: “Employers recognise generational trends around health conditions and concerns. When they design and target benefits for their workforce their provision becomes both more effective and more cost-effective. Being able to flex health and wellbeing support means employees can call the shots based on their priorities, and that’s ultimately going to help employers in terms of recruitment, retention, engagement and productivity.”

Terms and conditions apply to Equipsme plans. Employees must be aged 16-69 on the plan start date but can remain on cover for as long as the Equipsme plan remains in force and the employee remains employed by the company. Exclusions apply for pre-existing conditions in the last 3 years and chronic and long-term conditions. Psychiatric conditions are excluded and cancer treatment once a diagnosis has been made. For further information about our plans, benefits and exclusions please visit the website plans pages here.