HRO Today July/August 2017 - 60

Workforce Management
Benefi cial
Strategies
Organizations need to adapt their approach to benefi ts to suit
today's changing demographics.
By Randy Stram
With the gig economy rapidly expanding, employers are
focused on retaining and engaging employees. According
to MetLife's 15th annual U.S. Employee Benefi t Trends
Study (EBTS), more than half (51 percent) of employees
today are interested in contract or freelance work.
Not surprisingly, gig work appeals to millennials most,
with nearly two-thirds (64 percent) of the generation
interested, followed by Gen X (52 percent), and baby
boomers (41 percent). Workers are drawn to freelance
roles due to the fl exible hours, the ability to work from
home, and project variety. This is causing organizations
to have a laser focus on retaining their talent-the top
priority among employers, according to EBTS' fi ndings. In
fact, 51 percent of respondents plan to leverage benefi ts
as a retention strategy in the next three to fi ve years.
[60]
HRO TODAY MAGAZINE
| JULY/AUGUST 2017
How can organizations incorporate their healthcare and
benefi ts offerings in their retention approach? Here are
four strategies to consider:
1. Customize, customize, customize. Not only is the gig
economy reshaping the workforce, but demographic
shifts are also on the rise. Four generations-baby
boomers, Gen X, millennials, and Gen Z-are working
side by side. Defi nitions of family and dependents are
changing, and certain demographics, such as single
women, are growing.
To meet the varying needs of the workforce today,
providing employees with the ability to customize their
benefi ts is key. The study found that employees believe

HRO Today July/August 2017

Table of Contents for the Digital Edition of HRO Today July/August 2017

HRO Today July/August 2017 - 1
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