Why advisers need cross-generational benefits selling
May 31, 2019
By Bo Armstrong
Originally Posted on Employee Benefit Adviser
A desirable benefits package can look very different to members of the five generations that make up today’s workforce. Brokers are perfectly positioned to help their clients determine and define what a competitive benefits plan looks like, not only for their current employees, but for those they are hoping to attract.
Because people are working longer than ever, the employment landscape contains five different generations of workers: traditionalists, baby boomers, Generation X, millennials and Generation Z. Understanding the differences between each of these generations can help advisers be more consultative when recommending benefits to clients.
In general, today’s workforce values comprehensive healthcare coverage most, followed by affordability and choice of providers, according to data from the Society for Human Resource Management. In fact, according to a recent study by SHRM, more than half (56%) of U.S. adults participating in employer-sponsored health benefits cited satisfaction with their health coverage as a key factor when deciding to stay at their current job. Brokers can encourage clients to offer their employees the ability to save money on their healthcare expenses through flexible spending accounts, health savings accounts and other tax-advantaged financial tools. Flexible work hours, retirement planning, paid time off, paid parental leave and benefits related to professional development and education, are also important.
Read the full article, The Case for Cross-Generational Benefits Selling, on Employee Benefit Adviser.
Chief Marketing Officer, DataPath, Inc.
Bo has over 20 years of marketing leadership experience. His responsibilities include branding, communications, social media, product marketing, PR and promotions. He focuses on identifying emerging market trends within the benefits industry and advocating for customers and their needs. Bo is also a national conference speaker and author of numerous white papers and articles on the healthcare benefits industry.