In the last 10 years, the U.S. workforce has grown more generationally diverse. Until recently, baby boomers (those born between 1946 and 1964) were the dominant demographic in most businesses. However, millennials (those born between 1979 and 1996) now outnumber boomers, and, by 2020, will make up half of the employee population in the United States. In addition, Generation X continues to represent a vital, albeit smaller, portion of the workforce, while Generation Z will start to enter the workforce soon.
Each of these generations seeks a different mix of benefits, making it challenging for small and midsized business owners to determine the best benefits package to attract and retain great employees. Here are four insights advisers should keep in mind as they counsel clients on matching benefits with the specific needs of their workforce.
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