How to Evolve a Transforming Workforce
The times they are a-changin’—especially when it comes to the workplace. In order to be an employer of choice, it’s crucial for your business to evolve with a workforce that continues to transform generation after generation. Here are two ways the workforce is evolving—and how your business can keep up.
1. Job tenure is on the decline
When your parents began their careers, it wasn’t uncommon to stay with the same company for a decade or more. Many workers had pensions that kept them at jobs for the length of their careers. Plus, job bouncing didn’t look good on a resume and would quickly get an application dismissed.
But today, things are quite different. A 2021 report from the Bridge Group found tenure today to be as low as only 1.8 years.1 And many more people have plans to change jobs, with one in four workers planning on looking for a new job after the pandemic.2
Why are people leaving jobs so soon? One reason is the increasing popularity of remote work. Now that geography no longer factors into hiring for many roles, workers have more job options than ever.
2. The workforce is more diverse
Today’s workforce is the most diverse in American history, including everyone from Boomers (born 1946–1964)3 to Zoomers (born 1997–2012). Zoomers will represent more than 25% of the workforce by 2025.4
And we can’t forget about Millennials (born 1981–1996), currently the largest working generation. The number of Millennials in the workforce is 56 million, or 35% of the U.S. labor force. Millennials are followed by Gen X (born 1965–1980), which includes 53 million workers.3
In addition to generational differences, cultural diversity and the inclusion of people with disabilities in the workplace has come leaps and bounds over the last couple decades. Employers of choice today understand the value of diversifying their workforces and seek initiatives that will diversify their workforces even more. In the coming years, we expect neurodiversity to also become increasingly important; this is where employers encourage innovation by integrating people with different ways of thinking.
Appealing to such a diverse group of employees can be difficult, but it’s important. No matter their age or stage of life, employees want their unique experiences and circumstances—whether generational, physical or cultural—to be recognized in workplace policies.
How can your company keep up with today’s transforming workforce?
Faced with a competitive job market and the challenge of meeting the needs of a diverse workforce, how can employers attract and retain good employees?
There is no one quick-fix solution, but voluntary benefits can certainly help!
Voluntary benefits help protect employees from certain health and financial risks and appeal to employees of all generations, cultures and physical abilities. Here are some common types of voluntary benefits:
- Cancer insurance
- Heart / stroke insurance
- Critical illness insurance
- Hospital indemnity insurance
- Short-term disability
- Life insurance
What makes voluntary benefits unique is that benefits are paid directly to employees, not doctors or hospitals. Employees can use cash benefits for any purpose, including covering deductibles, co-pays, coinsurance, non-covered treatments and everyday living expenses.
This financial protection comes at an affordable price. Premiums for supplemental insurance typically cost just dollars a paycheck, and can be paid via flexible funding options including 100% employer paid, 100% employee paid, or a combination of both.
Ready to learn more?
Are you ready to learn more about how voluntary benefits can appeal to your diverse workforce? Call (877) 266-7326. Our dedicated professionals are here to help!
1The Bridge Group, Sales Development Report, https://blog.bridgegroupinc.com/hubfs/resources/TBG%202021%20Sales%20Development%20Report.pdf, 2021, p. 21.
2Forbes, Why Your Employees Are Leaving En Masse and The Surprising Factor That Will Keep Them, https://www.forbes.com/sites/forbestechcouncil/2021/07/28/why-your-employees-are-leaving-en-masse-and-the-surprising-factor-that-will-keep-them/?sh=7756306940fb, 2021.
3Team Stage, Millennials in the Workplace Statistics: Generational Disparities in 2022, https://teamstage.io/millennials-in-the-workplace-statistics/#:~:text=The%20number%20of%20millennials%20in,Xers%20in%20the%20US%20workforce, 2022.
4Forbes, How Gen-Z is Bringing A Fresh Perspective To The World of Work, https://www.forbes.com/sites/ashleystahl/2021/05/04/how-gen-z-is-bringing-a-fresh-perspective-to-the-world-of-work/?sh=6f965bde10c2, May 2021.