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Leopold - What Each Generation Wants & Needs from Benefits

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  • 1. What Each Generation Wants and > Boomers > Boomers Needs from Benefits: Tailoring your program to > Generation Jones > Generation Jones maximize retention and productivity. It’s easier than you think. > Gen X > Gen X Ronald S. Leopold, MD, MBA, MPH Vice President US Business, MetLife Metropolitan Life Insurance Company, 200 Park Avenue, New York, NY 10166 L0410102030 [Exp 0411] > Gen Y > Gen Y
  • 2. New decade. New realities for each generation. > The Great Recession has changed everything. > Americans have a lower appetite for risk* > Social security benefits face growing uncertainties** > Medicare benefits face even greater challenges** > Health care reform is a game-changer > Demographics and longevity will reshape our landscape** [ Presented on behalf of MetLife ] > True Boomers > Generation Jones > Gen X > Gen Y
  • 3. Think about your life and times [ Presented on behalf of MetLife ] > True Boomers > Generation Jones > Gen X > Gen Y
  • 4. Generations, engagement and loyalty > Benefits drive retention, attraction and productivity* > One size does not fit all* > It’s not about spending more. It’s about spending differently* [ Presented on behalf of MetLife ] *Leopold, R. The Benefits Edge, MetLife 2009 > True Boomers > Generation Jones > Gen X > Gen Y
  • 5. True Boomers Generation Jones Generation X Generation Y Age 60 Age 50 Age 38 Age 24 Entered workforce Entered Workforce Entered Workforce Entered Workforce 1971 1981 1993 2007 Formative years Formative years Formative years Formative years 1962-1971 1972-1981 1984-1993 1998-2007 (1946-1955) (1956-1964) (1965-1980) (1981-1994) True Boomers Generation Jones Gen X Gen Y
  • 6. > Cuban Missile Crisis > The Draft > Vietnam War > The Pill > Kent State > Flower Power [ Presented on behalf of MetLife ] > November 22, 1963 > Hippies My Groove: 1962-1971 > Gemini 7 > Civil Rights > Apollo 11 > Woodstock > The Cold War > The Great Society (1946-1955) True Boomers True Boomers Generation Jones Gen X Gen Y
  • 7. > Midnight Cowboy > Ed Sullivan Show > Lava Lamps > Love Story > Love beads > The Graduate [ Presented on behalf of MetLife ] > Rolling Stones > LP Albums Formative years: 1962-1971 > Polaroid Cameras > Civil Rights > Transistor Radios > Motown > Color Television > Laugh-In (1946-1955) True Boomers True Boomers Generation Jones Gen X Gen Y
  • 8. > Formative Years: 1962-1971 Work and benefits, circa 1971 >Electric Typewriters >Fringe Benefits >Rotary Phones >Personnel Department >Steno Pool >Major Medical Coverage >Carbon Paper >Marcus Welby Era Of Medicine >Reproduction Department >OSHA >Uniform Pay Increases >Pay Stubs >Women In Skirts >Non-portable Pensions [ Presented on behalf of MetLife ] Work, circa 1971 (1946-1955) True Boomers True Boomers Generation Jones Gen X Gen Y
  • 9. > Formative Years: 1962-1971 Work Outlook > “Whatever it takes!” > Valued for experience & institutional knowledge** > Process-oriented and associate work ethic with hours at work** > Expects to stay in the workforce* > Don’t count on job flexibility* > Sometimes tentative with technology** [ Presented on behalf of MetLife ] Work Outlook *8th Annual MetLife Study of Employee Benefits Trends, MetLife, 2010 **Leopold, R. The Benefits Edge, MetLife 2009 (1946-1955) True Boomers True Boomers Generation Jones Gen X Gen Y
  • 10. > Formative Years: 1962-1971 Work Strategies > Hardest hit by great recession* > Have added 4 – 7 years to age of retirement** > Job accommodations > Off-ramping programs and assistance > Technology education and training > Tenure recognition programs [ Presented on behalf of MetLife ] Work Strategies (1946-1955) True Boomers True Boomers Generation Jones Gen X Gen Y
  • 11. > Formative Years: 1962-1971 Benefits Outlook > Most likely to say benefits are a reason to remain with employer* > Least likely to be willing to contribute to, or pay for benefits** > Least likely to say that benefits communications are effective** > Not always as comfortable with newer communication technologies*** > Not necessarily comfortable with work-life balance approaches* > Focused on containing-expenses* [ Presented on behalf of MetLife ] Benefits Outlook *Pew Research Center, 2009 **8th Annual MetLife Study of Employee Benefits Trends, MetLife, 2010 *** Leopold, R. The Benefits Edge, MetLife, 2009 (1946-1955) True Boomers True Boomers Generation Jones Gen X Gen Y
  • 12. > Formative Years: 1962-1971 Benefits Strategies > Leverage benefits to drive retention > Pay attention to messaging around cost-shifting. > Face-to-face or telephonic explanation of benefits. > Encourage work life innovations > Discount and group-purchasing opportunities > Printed benefits materials to the home [ Presented on behalf of MetLife ] Benefits Strategies (1946-1955) True Boomers True Boomers Generation Jones Gen X Gen Y
  • 13. > Formative Years: 1962-1971 Health Strategies > Prepare for a healthy active retirement > Affordable health coverage until Medicare > Affordable pharmaceuticals > Cancer screening > Disease management programs > Critical illness insurance > Chronic condition management > Vision and hearing coverage [ Presented on behalf of MetLife ] Health Strategies (1946-1955) True Boomers True Boomers Generation Jones Gen X Gen Y
  • 14. > Formative Years: 1962-1971 Wealth Strategies > Managing retirement disbursements with confidence* > A retirement plan to last a lifetime > Lowest appetite for risk** > Prefer face-to-face financial advise** > Include annuities in retirement options > Medicare supplements > Retirement health and drug benefits [ Presented on behalf of MetLife ] Wealth Strategies * 8th Annual MetLife Study of Employee Benefits Trends, 2010 ** Generational Advisor.com (1946-1955) True Boomers True Boomers Generation Jones Gen X Gen Y
  • 15. >Stagflation >Three Mile Island >The Bicentennial >Energy Crisis >Patty Hearst >ERA >Me Decade >Sky Lab >Nixon Resignation [ Presented on behalf of MetLife ] >War in Cambodia >Watergate >Affirmative Action >Detente Formative years: 1972-1981 >Iran Hostages (1956-1964) True Boomers Generation Jones Generation Jones Gen X Gen Y
  • 16. >The Brady Bunch >Star Wars >The Mod Squad >Mood Rings >UHF Television >Captain & Tennille >Peter Frampton >Bee Gees >Partridge Family [ Presented on behalf of MetLife ] >Jaws >8-Track Tapes >Boogie Down >Suede Vests My Vibe: 1972-1981 >Funk Music (1956-1964) True Boomers Generation Jones Generation Jones Gen X Gen Y
  • 17. > Formative Years: 1972-1981 Work and benefits, circa 1981 > Typewriter Cartridges >Dependent Coverage > Mail Department >Dawn Of Managed Care > Touchtone Phones >ERISA > Post-It Notes >Fee For Service > Calculators >DRGs > Women in the workforce >Stock Options > Rolodexes >ATMs [ Presented on behalf of MetLife ] Work, circa 1981 (1956-1964) True Boomers Generation Jones Generation Jones Gen X Gen Y
  • 18. > Formative Years: 1972-1981 Work Outlook > “We got a raw deal!” > Not counting on job flexibility* > Willing to work long hours** > Still hoping to climb the career ladder** > Solid work ethic** > As a group…want their share** [ Presented on behalf of MetLife ] Work Outlook *8th Annual MetLife Study of employee Benefits Trends, 2010 **www.JonathanPontell.com/ aboutgenjones (1956-1964) True Boomers Generation Jones Generation Jones Gen X Gen Y
  • 19. > Formative Years: 1972-1981 Work Solutions > Recognize Generation Jones > Career advancement opportunities > Job security > Introduction to new technologies > Charitable-matching > Group discounts [ Presented on behalf of MetLife ] Work Solutions (1956-1964) True Boomers Generation Jones Generation Jones Gen X Gen Y
  • 20. > Formative Years: 1972-1981 Benefits Outlook > Greater willingness to accept employee-paid benefits* > Lower rates of benefits satisfaction* > Greatest opportunity to drive loyalty with benefits* > Want both web and face-to-face communications** > Growing appetite for retirement security* > Employee benefits are a key to retention** [ Presented on behalf of MetLife ] *8th Annual MetLife Study Benefits Outlook of Employee Benefits Trends, MetLife, 2010 ** Leopold,R. The Benefits Edge, MetLife, 2009 (1956-1964) True Boomers Generation Jones Generation Jones Gen X Gen Y
  • 21. > Formative Years: 1972-1981 Benefits Strategies > Utilize multiple communications strategies > Executive options > Total compensation statements > Recognize potential for complex family units > Personal financial coaching and planning > Employer matching benefits [ Presented on behalf of MetLife ] Benefits Strategies (1956-1964) True Boomers Generation Jones Generation Jones Gen X Gen Y
  • 22. > Formative Years: 1972-1981 Health Strategies > EAP with robust mental health benefits > Incentives to participate in prevention and wellness programs > Substance abuse programs > Fitness and weight loss > Onsite medical services > Rich dental plans [ Presented on behalf of MetLife ] •AARP Study: Impact of Economy Health Strategies on Health Behaviors, Aug. 2009 **Clinical Preventive Taskforce, CDC ***Us Dept. of Health & Human services: SAMHSA, Aug 2009 (1956-1964) True Boomers Generation Jones Generation Jones Gen X Gen Y
  • 23. > Formative Years: 1972-1981 Wealth Strategies > “I was closer to retirement at age 40, than 50” * > Retirement planning fast-tracking** > Financial advice & guidance > College savings plans > Disability and life (supplemental and GVUL) buy-up options > Estate planning advice services > Long term care [ Presented on behalf of MetLife ] > Group annuities Wealth Strategies *Charles Schwab billboard **8th Annual MetLife study of Employee Benefits Trends, MetLife, 2010 (1956-1964) True Boomers Generation Jones Generation Jones Gen X Gen Y
  • 24. >Reagonomics >AIDS >Star Wars Defense >Desert Storm >Princess Diana >Iran-Contra >1987 Stock Market >Nelson Mandela >Downfall of Communism [ Presented on behalf of MetLife ] >Space Shuttle >Latchkey Kids >Rise of the PC >Fall of Berlin Wall Formative years: 1984-1993 >Challenger Disaster (1956-1964) (1965-1980) True Boomers Generation Jones GenGen X X Gen Y
  • 25. >Atari >Break Dancing >Cheers >Miami Vice >MTV >Sony Walkman >Diet Coke >Home Alone >Ghostbusters [ Presented on behalf of MetLife ] >VCRs >Duran Duran >Just Say No >Billy Idol My Signal: 1984-1993 >Max Headroom (1956-1964) (1965-1980) True Boomers Generation Jones GenGen X X Gen Y
  • 26. > Formative Years: 1984-1992 Work and benefits, circa 1993 >Dot-Matrix Printers >401-Ks >Beepers >Work Life Balance >Monster Cell Phones >Diversity Sensitivity >PC Computers >Co-Pays >Multi-Job Careers >Americans With Disabilities Act >Cubicles >HMOs and PPOs >Floppy Disks >Cafeteria Plans [ Presented on behalf of MetLife ] Work, circa 1993 (1965-1980) True Boomers Generation Jones X GenGen X Gen Y
  • 27. > Formative Years: 1984-1992 Work Outlook > “Just tell me what’s going to be on the test.” > Work to live* > Results are more important than process* > Technology junkies* > Work independently* > Company culture important to loyalty** > Concerned about career advancement* [ Presented on behalf of MetLife ] Work Outlook *Kovary G. & Buahere A.:The Road to Performance Success, 2003 **8th Annual MetLife Study of Employee Benefits Trends, MetLife, 2010 (1965-1980) True Boomers Generation Jones X GenGen X Gen Y
  • 28. > Formative Years: 1984-1992 Work Strategies > Work life balance programs are paramount > Telecommuting and flexible hours > Virtual workplace > Child care arrangements > Informal communication style > Career fast-tracking programs > Pay for performance [ Presented on behalf of MetLife ] Work Strategies (1965-1980) True Boomers Generation Jones GenGen X X Gen Y
  • 29. > Formative Years: 1984-1992 Benefits Outlook > Most satisfied with employee benefits* > Most engaged in benefits offerings and innovations* > Most apt to utilize work-life balance programs* > Most apt to have beneficiary coverage changes > Often under-insured** > Want to better understand the value of benefits* [ Presented on behalf of MetLife ] Benefits Outlook *8th Annual MetLife Study of Employee Benefits Trends, MetLife, 2010 **Three Steps to Closing the Underinsured Gap: MetLife, 2010 (1965-1980) True Boomers Generation Jones X GenGen X Gen Y
  • 30. > Formative Years: 1984-1992 Benefits Strategies > Online management of benefits (evergreen) > Protection education and tools > Voluntary benefits: – Life and disability buy ups and options – Auto and home insurance – Legal benefits and estate planning – Pet insurance [ Presented on behalf of MetLife ] Benefits Strategies (1965-1980) True Boomers Generation Jones GenGen X X Gen Y
  • 31. > Formative Years: 1984-1992 Health Strategies > Full dependent coverage > Onsite weight loss and fitness programs. > Maternity benefits with flexibility > Innovative EAP programs > Dental plan with family options > Special needs programs > Wellness & fitness programs [ Presented on behalf of MetLife ] Health Strategies (1965-1980) True Boomers Generation Jones GenGen X X Gen Y
  • 32. > Formative Years: 1984-1992 Wealth Strategies > Guidance on the right amount of coverage > Disability coverage and buy-up options > Life insurance flexibility (Term & Supplemental) > Retirement advice and planning programs > College savings plan > Roth IRA [ Presented on behalf of MetLife ] Wealth Strategies (1965-1980) True Boomers Generation Jones GenGen X X Gen Y
  • 33. >Dot Com Boom >Iraq War >Dot Com Bust >War on Terror >Hurricane Katrina >Social Media >Y2K >Cultural Diversity >Stock Market Rally [ Presented on behalf of MetLife ] >The Web >Gay Marriage >Reality Television >Anthrax Formative years: 1998-2007 >Columbine (1981-1994) True Boomers Generation Jones Gen X GenGen Y Y
  • 34. >The Simpsons >PlayStation >Red Bull >Titanic >Justin Timberlake >Snapple >MySpace >ITunes >Eminem [ Presented on behalf of MetLife ] >Black-Eyed Peas >Friends >X-Files >Survivor My Link: 1998-2007 >X-Box (1981-1994) True Boomers Generation Jones Gen X GenGen Y Y
  • 35. > Formative Years: 1998-2007 Work and benefits, circa 2007 >Virtual Office >Total Rewards >Outsourcing >Double Digit HC Inflation >Cell Phones >Consumer Driven Plans >24/7 >Wellness >Downsizing >HIPPA >Blackberries >Voluntary Benefits [ Presented on behalf of MetLife ] Work, circa 2007 (1981-1994) True Boomers Generation Jones Gen X GenGen Y Y
  • 36. > Formative Years: 1998-2007 Work Outlook > “No worries.” > Accustomed to being the center of attention* > More trusting of leadership* > Keen on winning* > So beyond email !* > Work in swarms, leave at 5pm* > Eager to learn* [ Presented on behalf of MetLife ] Work Outlook *Smith S., Talent Market Series, Deloitte & Touche, 2007 (1981-1994) True Boomers Generation Jones Gen X GenGen Y Y
  • 37. > Formative Years: 1998-2007 Work Strategies > Instant messaging, texting, social media > Recognition and acknowledgement programs > Mentoring programs > Work group flexibility > Work-life flexibility > Virtual work [ Presented on behalf of MetLife ] Work Strategies (1981-1994) True Boomers Generation Jones Gen X GenGen Y Y
  • 38. > Formative Years: 1998-2007 Benefits Outlook > Getting smarter about benefits, faster * > More reliant on parental advice * > Value benefits that reflect the diverse needs of the workforce * > Most comfortable with web-based delivery * > Benefits are not a reason to stay with a company** > Value lifestyle benefits ** [ Presented on behalf of MetLife ] Benefits Outlook *Leopold R. The Benefits Edge, MetLife, 2009 **8th Annual MetLife Study of Employee Benefits Trends, MetLife, 2010 (1981-1994) True Boomers Generation Jones Gen X GenGen Y Y
  • 39. > Formative Years: 1998-2007 Benefits Strategies > Push the envelope on web-based benefits delivery > Incorporate social media strategies > Benefits orientation sessions- parents invited > Volunteering and charitable contribution matching > Legal benefits > Maximize choice and options [ Presented on behalf of MetLife ] Benefits Strategies (1981-1994) True Boomers Generation Jones Gen X GenGen Y Y
  • 40. > Formative Years: 1998-2007 Health Strategies > Intrigued by use of technology in health and wellness* > Less likely to have a personal physician* > Highest rates of accidents (MVA, home, sports)** > Access to on-site or off-side walk-in clinics > Fitness club memberships > Dental coverage > Nutritious options in vending machines & cafeteria [ Presented on behalf of MetLife ] > Online pharmacy Health Strategies *Generation Y:2008 Survey of Health Care Consumers, Deloitte & Touche **www.valueoptions.com/generation Y (1981-1994) True Boomers Generation Jones Gen X GenGen Y Y
  • 41. > Formative Years: 1998-2007 Wealth Strategies > Affordable auto & renters insurance > Auto-enrollment in 401(k) plans > Savings plans and banking services* > Basic Term Life insurance with buy-up options > Disability coverage with buy-op options > Money management education programs > Financial planning forecasting tools [ Presented on behalf of MetLife ] Wealth Strategies (1981-1994) True Boomers Generation Jones Gen X GenGen Y Y
  • 42. Generational Benefits Strategies > Broaden your benefits portfolio > Introduce flexibility to your offerings > Not every benefit will appeal to everyone > Focus on the value propositions for each generation > Utilize multiple communications platforms > Focus on building loyalty and engagement [ Presented on behalf of MetLife ] > True Boomers > Generation Jones > Gen X > Gen Y
  • 43. Potential Next steps > Think about the generational make up of your workforce > Does your current benefits program satisfy the different needs of each generation? > Consider how you might recalibrate your benefits offerings based on today’s insights? > Remember - Generational differences will only get more important with time! [ Presented on behalf of MetLife ] > True Boomers > Generation Jones > Gen X > Gen Y