It’s tempting to think all employees seek the same benefits from their jobs, but research shows that what workers value most may be influenced by their generational traits as well as where they are in their careers.

The forgoing is provided for informational purposes only and is believed to be accurate at the time of its release. © 2015 Paychex, Inc. All rights reserved.

A QUESTION OF VALUES: HOW EACH GENERATION VIEWS EMPLOYEE BENEFITS

Baby Boomers: Born 1946-1964 (age 52-70 in 2016)

Generation X: Born 1965-1980 (age 36-51 in 2016)

Characteristics: Often put work above personal life. Distrust

authority and large systems. Hardworking, but not always

adaptable and collaborative.1 Tend to be optimistic and open

to change, but also seek personal gratification, which may

manifest as a sense of entitlement.2 Most likely to identify

benefits as most important job prequisite.3

Key driver: Saving for retirement

Most-valued benefits:

• Salary level

• Health insurance

• Retirement plan

Characteristics: Question authority. Place high value on

work-life balance. Strong technical skills. More independent

than previous generations. Willing to acquire new skills,

adaptable in the face of job instability.4

Key drivers:

• Salary level

• Advancement within the company

• Job security

• Work-life balance5

Most-valued benefit:

• 401(k) plan with matching

contributions

Generation Y or Millennials: Born 1981-1997 (age 19-35 in 2016)

Characteristics: Want to enjoy their work, and receive learn-

ing opportunities and challenges. Seek frequent feedback on

job performance.6 Value workplace flexibility.7 Readily navi-

gate change. Appreciate diversity and inclusion. Team-centric.

Willing to work hard and set goals to achieve a desired life-

style.8

Key drivers: Career advancement, career development9, 10

Most-valued benefits11:

• Paid time off

• Ability to work remotely

• Control over their schedules

• Professional development

• Wellness initiatives

• Choice in employee benefits

Sources1. EY. Younger managers rise in the ranks: Survey quantifies management shift and reveals challenges, preferred workplace perks, and perceived generational strengths and weaknesses. Sept. 3, 2013. www.multivu.com/mnr/63068-ernst-and-young-llp-research-younger-managers-rise-in-the-ranks. Ac cessed 9-25-2015.2. American Management Association. Leading the four generations at work. www.amanet.org/train ing/articles/Leading-the-Four-Generations-at-Work.aspx. Least demanding of the three current work force generations regarding employee benefits. Nov. 6, 2014. Accessed 9-25-2015.3. EY.4. American Management Association.5. Society for Human Resource Management. Miller, Stephen. What do workers want? It varies by work force generation. Aug. 25, 2015. www.shrm.org/hrdisciplines/benefits/articles/pages/work force-generations.aspx. Accessed 9-25-2015.6. Ivey Business Journal. The Millennials: A new generation of employees, a new set of engagement policies. Gilbert, Jay. Sept./Oct. 2011. http://iveybusinessjournal.com/publication/the-millenni als-a-new-generation-of-employees-a-new-set-of-engagement-policies/. Accessed 9-25-2015.7. Society for Human Resource Management.8. American Management Association.9. AFLAC. Use benefits to tame millennials' job-hopping ways. Feb. 2015. https://www.aflac.com/busi ness/resources/aflac-workforces-report/overview/use-ben fits-to-tame-millennials-job-hop ping-ways.aspx. Accessed 9-25-2015.10. United Nations Joint Staff Pension Fund. Traditionalists, Baby Boomers, Generation X, Generation Y (and Generation Z) Working Together. www.un.org/staffdevelopment/pdf/Designing%20Recruit ment,%20Selection%20&%20Talent%20Management%20Model%20tai lored%20to%20meet%20UN JSPF's%20Business%20Development%20Needs.pdf. Accessed 9-25-2015.11. Care.com. 8 great employee benefits Millennials actually want. http://workplace.care.com/8-great-em ployee-benefits-millennials-actually-want. Accessed 9-25-2015.

1995 2000 2005 2010 2015

What Employers ValuePaychex FlexSM Benefts Administration gives you complete oversight and control over the informa-tion you need to effectively manage benefits plans for every generation. To learn more, call

855-973-2460 or payx.me/generation.

HERES’ A QUICK LOOK at how you can tailor your benefit plans for each generation.