Retaining the Generation X Workforce
Generation who? Haven’t you heard? Baby boomers are retiring in droves, Millennials are swarming the workforce and Gen Z is close behind! In the rush of managing different generations, you may overlook X. You can find plenty of articles and advice about how to recruit and retain other generations. But what about Generation X? To keep them on board, it’s imperative to know who they are and what they want.
The sandwich generation
Born anywhere from 1965 to 1980, these hard-working front liners currently comprise 27% of today’s workforce, similar to the baby boomer generation.1 Generation X is squished between two competing priorities: saving for retirement and sending their children to college. In addition, the oldest members of this generation are often caring for both children and aging parents. They are more likely to be married with children than Millennials; in fact, even the youngest members of Generation X typically have families.
Poised to take over
Because of their experience and position below baby boomers, Gen X is poised to take over most senior leadership roles. For example, members of Generation X already account for 51% of leadership roles globally. This number will likely grow as baby boomers continue to retire. By 2025, the baby boomer generation will represent less than 10% of the workforce.2 With an average of 20 years of workplace experience, it’s safe to say they are primed to quickly assume nearly all top executive roles.3
With baby boomers retiring in droves, and more reaching the age of retirement each day, it’s important for companies to begin thinking about a succession plan involving Generation X now. Promoting your Gen Xers is a great way to not only secure their loyalty, but also internally hire those who already have years of experience at the company and job function. Plus, you save money on high-level positions that are often expensive to source for and replace.
The need for a retention plan
These are your employees with years of accumulated company knowledge and experience. What are you doing to retain this new leadership corps? Considering the tight labor market, the need for a powerful retention plan is clear. Your plan must focus on keeping these key employees for the long term and satisfying their unique generational needs for themselves and their family.
Look for benefits they value
What innovative and valued benefits do you offer that will appeal to your Generation X’ers? It’s no secret that benefits are the number one driving factor in the decision to join or stay at a company, with health insurance being #1.4
Consider expense reimbursed insurance. It is a type of supplemental health insurance that is employer-paid and can be offered to select employee classes, such as your leadership or management staff. Expense reimbursed insurance offers real insurance protection from $5,000 to $100,000 in annual coverage. This is an innovative benefit that employees will value and won’t find at competitor companies, whereas compensation and a bonus can always be matched.
With expense reimbursed insurance, you can have the right tool on your side for recruiting and retaining those key employees. Learn all about this innovate benefit here.