There are lots of people of different ages in companies. As people age their tastes change. So, the things that could make them happy are different for different age groups. We can group them under 4 main titles.
📌 Baby Boomers are born between 1946 and 1964.
📌 Generation X are born between 1965 and 1980
📌 Millennials are born between 1981-2000
📌 Generation Z’ers are born after 2000.
Why Age Diversity Is Important?
Having a wider range of age demographics of the employee pool may lead to a higher performance of the company. Older employees share their experiences with the younger ones. This provides newcomers to learn their tasks quickly. People from Generation Z bring new and modern approaches. All age groups bring their way to the company. A company aiming for a higher income should have a wider range of age demographics. So, it wouldn’t be wrong to say a company should satisfy their employees’ a variety of needs.
Baby Boomers are aware of oncoming retirement. They also might are dealing with several health issues. People from generation X might be taking care of their parents and their children as well. Gen Z’ers are trying to adapt to business life. As seen people from different ages witness different obstacles and joys in life. It isn’t wrong to say they need different approaches when it comes to employee rewarding.
What a company should keep in eyesight is health insurance. Health matters to every age group. Especially for older people health care is essential. Health insurance covering a wider part of human health could make older people feel safer.
Rewarding Strategies For Baby Boomers
For baby boomers, retirement is coming. So, they’ll enjoy gradual retirement programs. When a new technology comes out they are the last group to embrace that technology. That is because they have their ways and, after a certain age, people get more attached to their ways. Educations for new technologies can be used by the older generation. Also, they might be willing to wellness opportunities. Since they spent more time in the company they have the right to expect to get recognized for their loyalty.
Rewarding Strategies For Millennials
When it comes to Millennials, they tend to like more active, creative and balancing rewards. They are young and still at the beginning of their life. At those ages, people begin to deepen their abilities. So, a lot of people are joining master degrees or a second undergraduate major. Companies that value education can reimburse their tuitions. The search for a deeper meaning is occurring in those ages. They could need a mentor. Mentoring opportunities are for every age group but especially millennials.
Rewarding Strategies For Generation X
People who were born between 1965 and 1980 are likely to have a family and children today. They might like facilities which make life easier. They could use child-care facilities and fitness center membership. Also, educations specified on their abilities would make them happy. That’s because millennials are in the phase of balancing life and work. They don’t want to lag behind life. They also don’t want to waste all the efforts they gave the last 10-15 years.