How can you implement a proven retention strategy for your company? What benefits do employees care about most? Find out how Canada’s leading employers maintain an employee turnover rate below 5 percent, provide adequate benefits for a diverse generational workforce, and plan to expand their offerings – complete with data and stats on remuneration, rewards, benefits, and new initiatives for 2025.
Baby Boomers
- Healthcare Benefits: This generation places a high priority on health coverage, including medical, dental, and vision insurance. This is because they are more likely to require ongoing medical care as they age. This generation is most likely to visit the doctor for check-ups or preventative treatment, while being least likely to take unnecessary trips to the emergency department at the hospital. Most likely to go when there’s no need? Take a bow, Gen Z.
- Retirement Planning: Retirement benefits are crucial for Baby Boomers. Many are nearing or have already entered retirement, making financial security in their later years a top concern. Although at this later stage in life, making up for lost early saving time is particularly difficult.
- Wellness Programs: Benefits such as gym memberships, wellness rewards, and discounts on health services (like chiropractic care) are important to Boomers. These programs help them maintain their health and well-being.
- Professional Training: Despite being close to retirement, many Baby Boomers value opportunities for professional development and training. This helps them feel relevant in the workplace and engaged in their roles.
- Flexible Working Arrangements: Options such as phased retirement, part-time work, or flexible hours are appreciated. These arrangements allow Baby Boomers to balance work with personal and family responsibilities as they transition into retirement. That having been said, Boomers respect and understand the workplace as being a physical place to work at.
Generation X
Gen X forms nearly 20 percent of the global workforce and over one third of the current Canadian working population. Having seen their parents work long hours, Gen Xers are still prepared to work hard but don’t want to take that work home.
