Gen X are at a crossroads in their personal lives. Wedged between Baby Boomers and millennials, this generation is in the ‘sandwich’ phase of life. They’re largely responsible for caring for their aging parents while providing for their school-aged children, all while managing their own lives, careers and health.
If organisations are eager to hold onto their Gen X workers, roughly defined as those born between 1965 to 1980, they need to respond to these challenges.
That’s why an increasing number of companies across the globe are rolling out benefits that address specific mid-life health and lifestyle concerns. And in a tight labour market, employers who offer customised perks stand out by signalling a level of support that’s increasingly sought after in today’s workplace.
Cloud-software company Salesforce recently launched an eldercare benefit for employees supporting older family members as well as cancer-related programming for early detection targeted to the 50-plus demographic. Software company Adobe offers services to help employees manage the university-admissions process for their kids as well as access to backup elder care and in-home care consultations. Menopause support is also emerging at many global companies, both big and small.
“The benefits of providing these services go beyond economics,” says Peter Bamberger, a professor at the Coller School of Management at Tel Aviv University, and the president elect of the Academy of Management. “We’re talking about services that potentially impact one’s children and one’s parents. Organisations are not only providing financial assistance, they’re building a strong emotional connection – they’re showing that they care.”
Employers aren’t offering these new benefits out of pure altruism, however. The programs are relatively cost-effective, and research suggests that benefits tailored to employees’ needs can have an impact on retention and performance. A survey by Gartner conducted last year, seen by the BBC, showed a thoughtful benefits strategy can boost employees’ intent to stick around by 11%, and raise their output by 12%.
“Employers are aware that having to find your elderly parents a specialist or the right facility to live in is a time consuming and emotional chore,” says Bamberger. “Employers know that it takes time out of your workday and if they can help with it, you’re going to be more present and focused at work.”
Much of Gen X is in the ‘sandwich’ phase, where they must care for both their children and their aging parents (Credit: Alamy)
Essential mid-life support
With five generations in the workforce, benefits are no longer a one-size-fits-all proposition.
Employers are increasingly trying to adapt to the evolving needs of their employees as they progress through their lives and careers, says Lauren Winans, the chief executive officer of Next Level Benefits, a Pennsylvania, US-based HR consultancy. “Companies are looking at their workforce demographics and they’re asking: where is this person in their life? What are they facing? And how can we invest our benefit dollars in purposeful ways?”
Similar to offering student loan assistance and mental-health support to appeal to Gen Z, and fertility and caregiving benefits to draw millennials, mid-life benefits meet Gen X workers where they are. And this is important, right now: “Gen Xers are likely senior leaders in their organisations,” says Winans. “If they’re not in the executive suite now, they’re going to be there soon, and so these are folks that companies really want to attract and retain.”
One of the most popular new benefits is menopause support. Menopause is not only a challenge for workers, but also for employers; according to a study published in April by the Mayo Clinic, menopause symptoms result in approximately $1.8bn (£1.42bn) in lost working time each year.
This year, American biotech company Genentech introduced menopause-specific care to its 13,500 workers and their spouses or partners, in response to a request from one of its employee affinity groups. The benefit includes access to on-demand video appointments with clinicians, classes on managing menopause symptoms and referrals to in-person providers.
Genentech’s workforce is 54% women, and the average age of employees is 45. “It’s likely that many of our employees will experience menopause while working here, and we want them to have easy access to care,” says Cori Davis, the company’s chief people officer.
Scott Floyd, global benefits leader at Cisco, says the communications company launched a concierge care benefit this year that tackles the administrative and logistical aspects of caring for an elderly parent, supporting a child with special needs or assisting a partner with a new medical diagnosis. The benefit came about after a quarterly pulse survey conducted in June revealed that many of its employees, particularly women with caregiving responsibilities, felt stretched thin. Gen X women were among the most impacted.
“It was clear the folks who were leaders and caregivers – that sandwich generation – needed more support,” says Floyd. The company also has an additional benefit that helps employees find and hire an in-home caregiver for an adult family member. “What you often find is that when people are in a crisis, they need a higher touch.”
‘They allow people to celebrate getting older’
Management researchers often describe employee benefits as having “symbolic” and “signalling” effects, according to Carol Kulik, a professor at University of South Australia, who specialises in human resource management. “Benefits are both a tangible thing, and they’re also important psychologically,” she says. “They’re a signal that your employer cares about you and your skill set and that it values people like you.”
Research suggests that this perceived value holds even for benefits that employees don’t necessarily use. For example, says Kulik, employees might not need a certain benefit immediately but they realise they might in the near future.
Gen X is particularly likely to be in a reflective mood, she adds. “Around age 50, people very predictably start to exhibit signs of physical decline – it’s often not catastrophic, it’s manageable – but it serves to prompt people to remember that life is finite.”
That’s why the rise of benefits like so-called “grand-ternity leave,” which allow employees to take off time to support and care for their grandkids; and snowbird programs, like the one offered by CVS, which allow employees to shuttle between two locations seasonally and test-drive retirement typically between warmer climates in the winter and cooler climates in the summer, are likely to resonate with this population.
“These are benefits that workers find positive and affirming,” says Kulik. “They allow people to celebrate getting older.”
It’s not a coincidence that companies are introducing these new perks now. Amid an uncertain economy, companies are under pressure to allocate resources more strategically, says benefits-consultant Winans. “If you need to make cuts in your budget, the fastest way to do that is through your highest cost drivers for employees: insurance and 401k.” Instead, companies are supplementing these scaled-back programmes them with more cost-effective options – which enable them to add these new mid-life benefits.
“I’ve been in corporate benefits administration for two decades and I have to say: menopause benefits – I never thought I’d see that,” she says. “It’s exciting that no matter where you are in your life, you’re going to have a new benefit that you have access to.”