Why Wellbeing Is Still a #1 Benefit for All Generations of Talent

Why Wellbeing Is Still a #1 Benefit for All Generations of Talent

Wellbeing (and how it was put into practice) used to look quite different. Particularly in the workplace.

Pre-2020, many businesses were getting it very right, looking at holistic, tailored packages to best suit individuals’ complete health needs. Others were getting it very wrong. For some brands, wellbeing became synonymous with yoga in the office, free snacks, and mandatory mental health webinars.

Then, there was a shift.

To state the obvious, the pandemic played a key role. Many suddenly faced immense pressure to balance care duties with professional commitments, converge living and work spaces, and pause everything we’d always understood as ‘normal life’. Simultaneously, the ability to take up new hobbies, spend more time with family, even achieve stronger financial health gave glimpses of what life with enhanced wellbeing could look like.

COVID-19 took the gently simmering pot that was wellbeing and brought it to boiling point. It made people notice not only their own needs more, but the needs of others, and the wider community. For employers, this raised a very important question: how can we better support our workforce with their wellbeing, and what does that actually look like?

In 2023, wellbeing remains one of the most in-demand factors in the talent market across generations. Here’s why, and how to perfect your business’ wellbeing package.

Different Generations Have Different Priorities

We talk a lot about the multi-generational workforce, and balancing needs and wants of talent from different eras. Suffice to say, wellbeing is more about the individual than the collective, but there are still traits shared in each generation of talent that it’s worth understanding better – particularly if you’re looking to attract and retain the best.

Baby Boomer

The longest running generation in the world of work, Baby Boomers are often interested in flexible working to support care duties, be it for aging parents, unwell partners, or grandchildren. They’re also more likely to use quality health and dental insurance plans, and extend health benefits to their loved ones.

Gen X & Millennial

The largest demographic of professionals, Gen X and Millennials also appreciate flexible working to minimise time and money spent on commuting. They’re also likely to use their EAP to care for their mental health, and would look for support with their financial wellbeing such as cost of living payments, good pension contributions, and regular pay reviews.

Gen Z

The newest addition to the workforce, Generation Z is more likely to access mental health support, such as counselling and therapy, mental health days, and typically look for roles offering competitive annual leave. They’re also interested in ‘nomadic employment’, having the flexibility to travel and work around the world.

Investing In Wellbeing Strategies

Wellbeing strategies are nothing new, but pre-2020, many businesses viewed wellbeing benefits as nice-to-haves that largely take a backseat to the “important” benefits. Now, these offerings are leading the way in talent attraction, and the ability for employees to tailor their packages to their lifestyle and circumstances has big appeal.

Physical Health

Health insurance, dental plans, and gym memberships are still in demand – but modern wellbeing takes a much more compassionate form. Going into work with a bad cold is no longer a given, sick days are more widely accepted, and businesses are enhancing accessibility for employees living with chronic or long-term health conditions.

Mental Health

Employee Assistance Programs (EAPs) have evolved to offer a range of mental health support, from mental health days and mental health first aiders, to access to counselling, therapy and meditation, and so on. Bottom line, employers are increasingly aware of the need for talent to at times, adjust their priorities to better care for themselves.

Financial Health

Money can be a big stressor for talent across all ages and backgrounds, and businesses that effectively speak to and support their talent with financial health, succeed. Many holistic wellbeing packages include strong employer pension contributions, cashback schemes, and accessible bonus incentives. You’ll drive wellbeing, fulfilment and motivation.

Come Full-Circle With Your Company Culture

People are your profit, so it pays to invest in them.

Wellbeing isn’t all about tangible benefits – it’s about embedding principles that cultivate a healthy company culture. It’s embedded in Diversity & Inclusion, ensuring benefits accommodate talent from different cultures and backgrounds. It’s embedded in Professional Development, offering unique plans to support individuals’ goals. It’s even embedded in management styles, keeping compassion and care at the forefront.

In many senses, COVID drastically altered how we view health. More businesses now understand that health comes with a uniquely personal definition; holistic wellbeing packages that demonstrate relevance, empathy and understanding to your talent will help businesses thrive.

Author: Amy Hayer – Partner, Healthcare