Creating a Multigenerational Benefits Plan Creating a benefits plan that works for every generation isn’t as difficult as it may seem. At its core, a multigenerational benefits plan is simply a benefits package that includes a little something for everyone and offers the flexibility for employees to choose their most meaningful benefits. With that in mind, the process may not differ significantly from what employers are already doing. This section will outline the key steps involved when figuring out which benefits to offer employees. 1 Determining the Goal As with any worthwhile pursuit, setting a goal is the first step. Employers should ask themselves why they’re reassessing their benefits offerings in the first place. Is it to retain talented employees? Is it to reduce overall costs? Asking these types of questions will help inform employers when they ultimately choose which benefits to offer. 2 Assessing Employee Demographics Employers must also understand their workers and their values before they can choose appropriate benefits offerings. Each organization has a unique composition of employees. This means benefits should vary by company as well. Employers should consider surveying their employees to better understand what offerings would provide the most value to them. Having a general idea of what each generation values is important, but there’s no substitute for asking direct questions. 3 Deciding on a Budget Learning which benefits employees value will allow employers to move onto the nitty-gritty: creating a budget. While every employer wants to offer their workers the best of everything, that’s not usually a viable option. Once an employer develops a sense of what benefits their employees would prefer, they can move onto pricing those benefits. This might force employers to make hard decisions, having to choose between the most desired options and the most cost-effective ones. 10