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How to tailor your employee benefits to appeal to all generations
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How to tailor your employee benefits to appeal to all generations

Striking a balance between the needs of various generations while keeping benefits cost-effective can be tricky. Here are some ideas for your 2025 employee benefits planning.

This article is brought to you by Howden.

One of the biggest challenges HR & rewards leaders in Singapore are facing is just how diverse the needs of today’s workforce are. According to aggregated data, Millennials and Gen X collectively represent more than 60% of Singapore's workforce, with Gen Z gradually increasing its presence as the Baby Boomer generation retires.

This distinctive convergence of generations presents both unique challenges and unprecedented opportunities in addressing the diverse needs of employees, with most decision makers looking to design, or redesign, their employee benefits strategy for the near future.

Understanding and addressing these needs is essential for fostering an inclusive and productive workplace. Organisations that effectively meet these demands can make or break their position as a top employer.

However, this is easier said than done. Not only do employers need to navigate diverse expectations shaped by varying factors such as age and individual life circumstances — they are also required to align these complex considerations with the organisation’s larger business and growth objectives.

Jocelyn Tai, Senior Director, Employee Benefits at Howden, takes stock of some of the challenges involved in designing benefits for a multi-generational workforce. “Striking a balance between their needs while keeping benefits cost-effective can be tricky.

“Plus, it’s not just about offering the right benefits—it’s making sure everyone understands what’s available to them. And with different comfort levels when it comes to technology, even just communicating those benefits clearly can be tough,” she highlights.

With the context set, let us delve into the considerations when designing – or redesigning – your employee benefits strategy for diverse generations.

Understanding the different generations in your workforce

There are often overlaps in perspectives defining each generation, so for the purpose for this discussion, let us identify the motivators and values of each generation.

Baby Boomers (Born 1946-1964), largely represented by the Pioneer Generation and Merdeka Generation in Singapore

Most Baby Boomers are near their retirement, with the youngest ones pegged at 60 years of age. Employers, says Jocelyn, can support this older demographic through comprehensive health insurance that includes chronic disease management, as well as offering more wellness initiatives and raising their awareness about them to encourage this generation to adopt healthier lifestyles.

Generation X (Born 1965-1980)

Now in their mid-40s to late 50s, many Generation Xers have likely established a stable career, all while juggling responsibilities at home, which may include aging parents and growing children/teenagers. Seeing as they are likely to value job stability and healthcare, Jocelyn advises employers to support them with flexible work arrangements, career development, as well as health and benefits for the entire family.

Millennials, also known as Generation Y (Born 1981-1996)

Ranging in ages 28-43, and balancing the responsibilities of becoming an “adult”, Millennials are facing the challenge of rising cost-of-living. As such, employers can support them by providing opportunities for purposeful career growth, as well as benefits that support them in living healthier lives without compromising on their lifestyles. This generation also likely have young children who would benefit from healthcare benefits extended to them.

Generation Z (Born 1997-2012)

As the newest entrants to the workforce, Generation Z-ers are likely to value employers whose corporate values resonate with their personal values, on matters such as work-life balance; DEI; mental health support, and ESG. Employers can best support them by providing flexible work arrangements, mental health support, and fostering transparent communication.

Making the most of data & insights

Having a dynamic knowledge of multi-generational preferences can empower HR and benefits leaders to design balanced and inclusive benefits programmes that cut across demographics.

In doing so, the first step, Jocelyn shares, is to listen.

"Staying ahead in this space is all about keeping your ear to the ground."

Jocelyn Tai, Senior Director, Employee Benefits, Howden

Gather data from employees to know what they really want – and this, she says, can be done through surveys or feedback sessions on what they value most. Beyond that, employers can also analyse medical claims to identify trends and patterns.

All these data collected must be converted into insights that help incorporate flexibility into the employee benefits programme.

“Not everyone is going to value the same things, so offering a mix of options where employees can choose what works for them is key,” Jocelyn advises, adding that a customisable or scalable solution may allow employees to focus their benefits more on areas they need.

Another key step is to communicate on an ongoing basis. “The best benefits programme will fall flat if employees aren’t aware of or fully understand their options. Clear communication about the benefits offered is essential,” Jocelyn explains.

When leveraged effectively, providing flexible benefits can become a valuable strategy to foster autonomy and engagement. “In our many years of broking for employee benefits solutions, we’ve definitely witnessed improvements to engagement, retention and productivity that can be at least partially attributed to evolving benefits.

“Of course, benefits don’t work alone in boosting engagement and retention, but it is for sure a key factor,” Jocelyn iterates.

The journey does not end there; leaders should also regularly review their employee benefits offerings, keeping in mind that what employees need (and want) today may look different a year from now. Jocelyn explains: “If, for instance, a tech company starts hiring a lot more younger employees, they can scale up offerings such as mental health apps, flexible working options or career development programmes.”

The right partner for your benefits needs

While having to customise employee benefits for different generations may seem like a lot on your plate, it can potentially be made easier with the right benefits provider on your side.

Such a partner can bring forth knowledge about current market trends and industry best practices, what’s working for other companies, and most importantly, how to stay compliant with the latest regulations; taking a lot of the guesswork out of designing a strategy.

Citing Howden’s expertise, Jocelyn points out that they have designed employee benefits programmes for more than 700 companies of all shapes and sizes, from government agencies to tech companies to manufacturers. They are well-equipped with the latest trends and solutions to almost all benefits challenges.

She concludes: “Our wide experience and knowledge helps businesses avoid costly benefits issues while positioning them as an employer of choice in a competitive talent market.”


Find out how you can partner with Howden to take your employee benefits strategy to the next level.


Lead image / 123rf.com

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