How to Support a Multigenerational Workforce with Smarter Benefits

For the first time in history, four generations are working side by side.

That’s a wide range of life stages, priorities and expectations packed into a single company culture. For small and mid-sized employers, especially those without big HR teams or budgets, this adds pressure to get benefits right.

The goal is to avoid generic plans and instead offer flexibility, relevance and value across age groups. A well-designed benefits program can help you hire and retain talent. It can also support productivity and well-being in every career stage.

Gen Z (born 1997-2012)

Gen Z is young, purpose-driven and digitally fluent. Nearly two-thirds say they’d walk away from a job if the benefits didn’t support their identity or lifestyle. And when it comes to service delivery, digital is non-negotiable. 

They may be new to the workforce, but Gen Z is already changing employer expectations. They want benefits that reflect their values. For them, these are just as important as traditional health coverage.

What Gen Z wants in employee benefits:

• Mental health resources
• Diversity and inclusion
• Financial literacy and student debt support
• Flexibility in hours and location
• Learning and professional development opportunities

How to support them:

Offer digital-first solutions, such as virtual care through an Employee Assistance Program (EAP). Consider adding education-focused benefits like tuition support or financial planning tools. Give them room to grow with professional development paths.

Millennials (born 1981-1996)

Millennials are craving balance as they continue building their careers while taking on responsibilities as caregivers. Now in their 30s and 40s, many millennials are taking care of young families, managing caregiving responsibilities and career advancement at the same time. They expect benefits that reflect these pressures.

What millennials care about:

• Parental leave and childcare support
• Retirement planning, such as access to group retirement plans, and financial security
• Mental health and burnout prevention
• Career development and mentorship
• Hybrid work options

How to support them:

Expand family-friendly offerings and make sure your retirement plan is easy to understand and contribute to. Mental health access should be front and centre. Consider offering flexible hours.

Gen X (born 1965-1980)

Gen Xers are in their peak earning years, and they’re often stretched thin. They’re experienced, independent and often juggling college-bound kids, aging parents or both. They want practical, high-value benefits that support their long-term health and goals.

Retirement is a big one, and it’s weighing on them. Confidence about retiring “on time” has dropped across Canada, with nearly half of pre-retirees reporting less than $5,000 in savings. That stress can show up in career decisions, in health, and even in whether they stay with their employer.

What Gen X cares about:

• Retirement savings and investment options
• Health and dental coverage for the whole family
• Caregiver support
• Work-life balance and time off
• Career stability and recognition

How to support them

Consider including caregiver assistance and comprehensive extended health coverage in your benefits. Highlight any matching RRSP or pension contributions.

Baby Boomers (born 1946-1964)

Boomers are thinking about retirement, but many aren’t there yet. More Canadians are working past 55 than ever before. Back in 2000, just 12.6 per cent of the workforce was over 55. Today, it’s more than 21.6 per cent.

Some Boomers are staying by choice, transitioning into part-time or advisory roles they enjoy. But many are staying because they have to. More than half of Canadians say they’re behind on retirement savings, and 60 per cent worry they’ll run out of money once they stop working.

This makes predictability and health security a priority. Boomers want to know they’ll have the coverage and stability they need as they transition out of the workforce, and they appreciate flexibility and ways to keep contributing as mentors. 

What matters most to Boomers:

• Extended health and drug coverage
• Support for chronic conditions
• Transition-to-retirement planning
• Job flexibility or phased retirement

How to support them:

Offer strong health coverage and clear communication about retirement benefits. Consider flexible or part-time options for those easing into retirement. Don’t overlook mentorship programs. Boomers carry institutional knowledge that can be invaluable for younger employees.

Benefits for Every Generation

You don’t need a separate benefits plan for each generation. Focus on building a flexible program that lets employees choose what matters most to them. For example, health spending accounts and layered retirement options can help customize the experience.

If you’re reviewing your benefits strategy, start by talking to your team. Ask what they need now and what they’re worried about in the future.

When employees of different generations feel supported, it builds trust and loyalty, no matter what year they were born.

Want help building a benefits plan that works for everyone?

At Prime Benefits Group, we specialize in helping employers design benefits for today’s workforce.

Connect with us today at info@primebenefitsgroup.com or visit www.primebenefitsgroup.com.