Gen X are at a crossroads in their personal lives. Wedged between Baby Boomers and millennials, this generation is in the ‘sandwich’ phase of life. They’re largely responsible for caring for their aging parents while providing for their school-aged children, all while managing their own lives, careers and health.
If organisations are eager to hold onto their Gen X workers, roughly defined as those born between 1965 to 1980, they need to respond to these challenges.
That’s why an increasing number of companies across the globe are rolling out benefits that address specific mid-life health and lifestyle concerns. And in a tight labour market, employers who offer customised perks stand out by signalling a level of support that’s increasingly sought after in today’s workplace.
Cloud-software company Salesforce recently launched an eldercare benefit for employees supporting older family members as well as cancer-related programming for early detection targeted to the 50-plus demographic. Software company Adobe offers services to help employees manage the university-admissions process for their kids as well as access to backup elder care and in-home care consultations. Menopause support is also emerging at many global companies, both big and small.
“The benefits of providing these services go beyond economics,” says Peter Bamberger, a professor at the Coller School of Management at Tel Aviv University, and the president elect of the Academy of Management. “We’re talking about services that potentially impact one’s children and one’s parents. Organisations are not only providing financial assistance, they’re building a strong emotional connection – they’re showing that they care.”
Employers aren’t offering these new benefits out of pure altruism, however. The programs are relatively cost-effective, and research suggests that benefits tailored to employees’ needs can have an impact on retention and performance. A survey by Gartner conducted last year, seen by the BBC, showed a thoughtful benefits strategy can boost employees’ intent to stick around by 11%, and raise their output by 12%.
“Employers are aware that having to find your elderly parents a specialist or the right facility to live in is a time consuming and emotional chore,” says Bamberger. “Employers know that it takes time out of your workday and if they can help with it, you’re going to be more present and focused at work.”
