What benefits should companies actually offer their employees? What incentives do employees want in the workplace today? What do employers need to offer to ensure that staff stay on after the crisis? Spoiler alert: a simple fruit basket is no longer enough.

These questions are not so easy to answer. We live in a time when up to four different generations – baby boomers, Generation X, Y & Z – are active in the labour market simultaneously. Each generation has different desires and needs that companies should address in their benefits packages.

But what exactly are the needs and desires of these four generations?

Baby boomers are a generation with a high birth rate – due to the economic boom and growth that followed the Second World War. They are considered workaholics and are very responsible.

For them, work is less a means of self-fulfilment and more a duty, albeit a positive one. A company’s image is less important to them than values such as health, freedom and education.

A suggested benefit for baby boomers would be supplementary health insurance with favourable conditions for family members.

Generation X

Generation X is characterised by economic crises and pessimistic prospects for the future. Career advancement is their most important goal. They are considered ambitious, individualistic and driven. They work to afford a materially secure life. For them, work is merely a means to an end. This is where we already see a stark contrast with the baby boomers. Generation X is motivated by having a high degree of freedom in how they organise their work, by opportunities for development and work-life balance options.

Generation X wants to be financially secure. A bonus programme based on individual performance helps to motivate them.

Generation Y

Generation Y has specific expectations of companies. Above all, they want meaningful work that offers variety. They value self-fulfilment and teamwork and they are well connected both offline and online. They want work to be enjoyable, and are willing to learn and work hard, while maintaining a healthy work-life balance. Management positions are no longer as important to them; they tend to strive for specialist careers and project-based work.

Flexible working time models that enable a balance between work and private life are essential for this generation. Events and joint activities are also help to maintain a fun atmosphere.

Generation Z

Today’s young people, Generation Z, are now increasingly entering the labour market. They have grown up with digital technologies and takes them for granted. They are making a greater distinction once again between work and private life. Clear demarcation is more desirable. They seek self-fulfilment not only at work, but also their leisure time, both virtually and in real life – it’s about interacting with followers. The desire to develop freely and try new things in all directions is very important.

Collaborations with other „cool“ companies are important for networking and influencer aspects. What does this mean? For example, an insurance company might collaborate with a „cool“ yoga studio. In return, the yoga studio receives discounted insurance. The insurance company’s employees benefit from exclusive yoga offers.

These insights are all certainly exciting, but are these needs and desires still relevant in times of crisis? What has changed?

I believe that deep desires and needs remain largely unchanged. Crises often mean an increased need for security – especially financial security. The desire for a better work-life balance (with more focus on family and their well-being) as well as the opportunity to reorient oneself (whether desired or not) has now become apparent in many people.

So how should organisations respond?

„Employers who focus on helping their employees to achieve a healthy work-life balance and reduce stress levels will be the ones who emerge strongest.“ – Human Resources Today

In other words, companies that increasingly focus on a healthy work-life balance and reduce their employees‘ stress levels of their employees will emerge stronger from the crisis.

So what benefits are needed to achieve this?

Guidelines on flexible working should be expanded and revised: this means revising home office guidelines, rethinking working time models and expanding the digitalisation of processes – anything that simplifies workflows and enables remote working.

Health has become even more important during the crisis: „Everyone wants their loved ones to be well.“ As a company, you can invest in health measures such as exercise, nutrition, ergonomics, etc. – because healthy companies need healthy employees. (Keywords: collaborations such as with Generation Z)

I also believe that the financial health of employees should not be overlooked. This is especially important in times of crisis, as it increases stress levels among employees. This is not about financial contributions, but rather about providing support, advice and resources in the event of „financial problems“. The aim is to convey the feeling that the company „is there for its employees in all situations“.

Coaching and crisis talks are certainly not the usual benefits that a company provides to its employees. It is especially important to provide a safety net for your employees in times of crisis and uncertainty. Often, it is simply a matter of having someone outside the company to listen to employees and provide advice and support (e.g. Consentiv – Company & Employee Assistance).

After a period of short-time working, many employees question whether returning to full-time employment is the right path to take. Spending more time with family and pursuing self-fulfilment is becoming increasingly important. Taking a forward-thinking approach as an employer by establishing a 4-day working model, for example, would be a step in the right direction.

But does this mean that the generational issue has lost its importance?

Not necessarily, as it will continue to be an issue for companies. The complexity is likely to increase, as needs and desires change during times of crisis. The question is what will happen when the crisis is over – will everything return to „normal„ or will there be some social changes? From today’s perspective, this is still difficult to assess because we are still in the midst of the crises. The real effects will only become apparent at the end of the year or in 2021.