Generation X (1965-1980) This generation is more tech-savvy than previous generations, having been the first adopters of new technology in the ‘90s. Unlike their predecessors, Generation X doesn’t prize work as much as they do a strong work-life balance. This generation is sometimes called the “sandwich generation” due to their care responsibilities for both younger and older family members. It’s these responsibilities that may indicate why the ideal work-life balance for a Gen Xer skews more toward life. Key characteristics: Tech-savvy | Desires work-life balance | Prizes flexibility Workforce composition: ~35% Preferred benefits: Remote work opportunities | Flexible scheduling | Caregiving benefits Millennials (1981-1996) This generation now comprises the majority of the workforce. These individuals came of age during the dot-com boom and grew up alongside the internet, making them very tech-savvy. Millennials saw their parents struggle with the 2008 recession, and many now struggle with their own student loans. In addition, the COVID-19 pandemic significantly impacted millennials’ well-being in various ways, including financially and mentally. These financial burdens disillusioned many from the daily 9-to-5 grind, causing them to favor workplace flexibility and a healthier work-life balance. Key characteristics: Goal-oriented | Highly educated | Values autonomy Workforce composition: ~39% Preferred benefits: Flexible scheduling | Remote work opportunities | Student loan repayment | Ongoing training opportunities Generation Z (1997-2012) This generation, like millennials, is concerned with financial stability at the cost of one’s health. Gen Zers have seen previous generations struggle to make ends meet despite putting in hard work, as in the cases of outrageous student loans and financial recessions. This makes Generation Z more well- being-oriented than other generations, expecting mental health and similar workplace benefits to offset workplace stressors. Additionally, this generation never knew life before the internet, making them quick learners when it comes to technology. Key characteristics: Well-being-oriented | Entrepreneurial | Fast learners Workforce composition: ~6% Preferred benefits: Flexible scheduling | Remote work opportunities | Comprehensive employee assistance program benefits 6
Multigenerational Workforce Benefits - Benefits Toolkit Page 5 Page 7