Benefits design in an organization must cater for generation needs in the organization to promote peace and equity. Currently, organizations have faced different revolution from manual to digital error. Many changes have taken place in management, demography among workers in different organization. Coping up with these changes in an organization is critical. One of these revolutions has been regarding demographical changes in the work place. Currently, most organization has different generation as their workforce. These generations have different characters, preferences and even attitude. This is very challenging in designing the employee profits in the organization.
The four generations which form a major part of the workforce are veterans, the baby boomers, generation X and generation Y. This team has different desires and needs that must be understood by the organization management in case any positive result needs to be gained from their effort in the organization. The stability of such individuals regarding care, age and others must be considered in case the organization designs benefits.
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The effects of four generation in the organization benefit design
Inclusive benefits designing in an organization is a paramount tool since it promotes equity in the organization. It is also a tool for motivation as well as teamwork enhancement in the organization. An organization with four different generations has to consider age and health across the entire workforce when designing the benefits. The generations have several effects on the benefit design.
The consideration of the four generation can increase the cost of the benefit design as well as its face. Benefit has to be designed as per the age groups that exist among the generation. What is suitable for the generation X in an organization may not be what the other group, for instance, the baby boomers generation may want. It means that issues such as healthcare benefit design have to be done depending on different age. The old age is very vulnerable, and their benefits program design has to be dealt with more frequently. They need more benefits channel into their programs than the young age within the organization. Alternatively, consideration of the age and culture among the generation also is important in designing the injury compensation benefits. In this case, the old age is usually less active and very rear to be injured in the organization. Their cautiousness makes their benefits design programs have fewer funds as compared to other generation. On the other hand, the young generation is always full of curiosity and the eager to become innovative and do unique things to gain recognition and promotion hence; they are usually ready to venture into risky areas which increase their injury rate. It means that this has to feature in their benefits design. The benefit design must accommodate the high-risk potential within this age. More funds have to ready available for emergency for the particular group at the young age bracket. This may increase the cost of the benefits designs.
Alternatively, within the four generation, there is usually the old generation which is usually on the brink of retirement. It means that at any time within the financial year, the retirement benefit plan must be drafted to cater for this age. This process is continuous since all the generation passes through this cycle. It means that within the benefit design, the pension plan too must be included to cater for the outgoing age.
Also, the insurance benefits difference also has to be catered for at different stage in the organization. For instance, the cost of coverage of within the old and middle generations is always higher. Since this group is endowed with experience in their respective field, they are always the majority in the organization. For this reason, the organization must dig deeper into the financial pocket to cater for the expensive insurance coverage for the individuals. Also, the organization must incorporate other indirect benefits within the design; the young generation always looks forward to motivation with different rewards as a token of appreciation for their hard work. At this point too, consideration must be given to the generation factor since different generation prefers different gift. The gift that can motivate a young employee may not do so for the old fashioned employee. To make them happy, the reward must be different which in turn make the benefit design have a different face with different cost.
How are needs and desires different for different age groups?
The English dictionary defined need as a force that motivates an individual to take action for satisfaction. These can be basic needs, intellectual needs, social needs, cultural needs and many others. On the on another hand, desire is defined by the same dictionary as the urge of hope or a feeling of longing or request for something, situation or an event.
These two terms are very different and also differs among various ages in the society and the organization for instance; the older age group has fewer needs and desires. They have reached a situation where they have either succeeded in fulfilling their needs and desires or have failed to quench this thirst. Alternatively, the middle age group had their needs and desired rooted on the betterment of their families and success in their career for a better life at old age bracket. At the teen age group, the needs are not much but are all geared towards education. The desire at this age is a success in both education and talent wise.
