The report, entitled ‘Talking About My Generation: Exploring the Benefits Engagement Challenge’, explores the financial aspirations, concerns and priorities of the three largest generations.
Written by Dr. Paul Redmond of the UK’s Liverpool University, a leading expert on generational theory and the graduate labour market, the research offers a unique insight into the modern multigenerational workforce which, for the first time in history, comprises five generations:
- Maturists - born pre-1945
- Baby Boomers - born between 1945 and 1960
- Generation X - born between 1961 and 1980
- Generation Y - born between 1981 and 1995
- Generation Z - born after 1995.
Key findings include:
- A ‘one size fits all’ employee benefits package, designed by the baby-boomer generation, fails to meet the increasingly different needs of today’s workforce
- 87% of employees from Generation X and Generation Y feel their current benefits package is not sufficiently flexible to meet their personal and financial needs
- Generation Y employees are more than twice as likely (20%) than baby boomers (9%) to be confused about the benefits they are entitled to.
The report then considers how HR professionals can use this insight to create and communicate employee benefits packages to better meet the differing needs of the different generations.
The report was created using a blend of quantitative and qualitative research methods, including a survey of over 1,200 employees and a series of focus groups and interviews at a number of UK organisations.
To access the report and for further insights from Barclays, please contact Richard Hilton.