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Today’s workforce is more generationally diverse than ever, spanning Baby Boomers, Gen X, Millennials, Gen Z and a few Silent Generation members. With Generation Alpha (born between 2010 and now) expected to enter the full-time, salaried workforce in about five years, it’s time to plan for the future.
With such a large age span in the workforce, one-size-fits-all benefits packages are no longer effective, especially regarding retirement. Plan sponsors could design retirement plans that work for employees of all ages to foster loyalty. This is an excellent opportunity for corporate advisors to guide plan sponsors toward a forward-thinking retirement benefits strategy.
Here are some strategies to discuss with plan sponsor clients: