Generation X Desires and Employer Benefits: Meeting the Needs of a Key Workforce Generation

While comparing and contrasting the workplace habits, trends, and interests of the Baby Boomer and Millennial generations is a popular topic, Generation X, which falls between the two, sometimes escapes mention.

Generation X includes those born between approximately 1965 and 1980, which means that today in 2023 they’re roughly in their early forties to late fifties. Their interests come from modern circumstances as well as preferences traditionally expected from people in their stage of life.

Once maligned as slackers, these days Generation X often gets called “the Sandwich Generation” instead, a reference to their obligations in taking care of themselves, their children, and their aging parents. While this set of responsibilities is a common intersection at that age, for them it comes at an especially challenging time. A study from Retirement Living indicates that 70% of baby boomers expressed uncertainty over whether their retirement savings are healthy enough to carry them through retirement.

Meanwhile, hit by their own financial difficulties, adult Millennial and Gen Zers are frequently staying or being taken back in to their Gen X parents’ homes. About 45% of those currently aged 18 to 29 are living with their parents, making the practice more common than since any time since the 1940s.

Generation X is affected by financial downturns, too, and must still save for their own retirements as well. In short, they’re concerned about taking care of their families in every possible direction. Read on to learn about three types of benefits companies are offering to help them do it.

• Family Leave Benefits
• Caregiving and Family Support Benefits
• Midlife-Specific Healthcare Benefits
• Are Benefits Targeting Generation X worth it?

Family Leave Benefits

When considering what employers can give to workers concerned about taking care of their families, family leave is the obvious choice. Families know best what they’d like to see happen to help take care of those closest to them, and simply giving them the opportunity to be present and see to those matters is a direct, clear, and satisfying solution.

Even so, in lieu of allowing more of that, there are other options that can make an impact toward the same end. Allowing workers to work remotely cuts down on commutes and allows for more flexibility to be near loved ones as needed. Flexibility in shift scheduling can have a similar effect. Another form of location flexibility is offered in snowbird programs, which allow workers to live in different regions seasonally.

Caregiving and Family Support Benefits

An alternative to enabling family to support each other directly is to involve others who can help provide support. Employer-sponsored child care is one option that EdSurge reports is growing in popularity, though not everyone likes the idea of employers involved in childcare. Similar programs to care for the aging parents of workers aren’t prevalent, but programs designed to assist workers in securing elderly care themselves, such as respite care and dependant care assistant plans are offered by some companies.

Concierge services are also being made available by some companies, which, depending on the exact plans offered, might be used to help employees tackle a wide range of administrative tasks, from arranging assistance for aging parents to helping their kids apply to college.

Midlife-Specific Healthcare Benefits

Gen X needs to take care of themselves as well. Healthcare benefits that appeal to those in midlife are another popular choice that can help keep them satisfied with their compensation. DataPath suggests that they might prefer financial structures meant to protect savings in the event of health emergencies.

Meanwhile some companies are looking for innovative approaches, like those that are providing benefits designed specifically to aid employees who’re experiencing menopause.

Are Benefits Targeting Generation X worth it?

Skeptics will point out that the cost of any benefit and its administration needs to be weighed against the alternative of simply giving employees more money to help themselves as they see fit. Regardless, companies and their individual employees have their own values and responses won’t be uniform.

Whether these approaches are generally effective at keeping Gen X happy, and whether companies decide that they’re cost-effective in the long run remains to be seen. Only time will tell whether the aforementioned approaches will satisfy the needs of Generation X workers and their families or leave them shrugging and saying “whatever.”

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