In the face of a growing and maturing Generation Z population, the total rewards strategies of many companies may be due for a revamp. Many benefits plans are “designed primarily for baby boomers and Generation X,” researchers in a EY and Limra joint study said.
“As younger generations form families, advance in their careers and accumulate assets, they will move into the industry’s historical sweet spot, with its focus on health insurance for dependents, retirement savings and other types of traditional benefits,” researchers said.
Researchers also said total rewards programs “must be modernized to meet a broader range of needs” and presented in “a contemporary way.”
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