leopold - what each generation wants & needs from benefits

> Boomers

> Generation Jones

> Gen X

> Gen Y

> Boomers

> Generation Jones

> Gen X

> Gen Y

What Each Generation Wants and Needs from Benefits:Tailoring your program to maximize retention and productivity.

It’s easier than you think.

Ronald S. Leopold, MD, MBA, MPH

Vice PresidentUS Business, MetLife

Metropolitan Life Insurance Company, 200 Park Avenue, New York, NY 10166 L0410102030 [Exp 0411]

> True Boomers > Gen X> Generation Jones > Gen Y

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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**


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Think about your life and times


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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*

*Leopold, R. The Benefits Edge, MetLife 2009

Generation Jones(1956-1964)

True Boomers(1946-1955)

Gen X(1965-1980)

Gen Y(1981-1994)

Formative years1998-2007




Entered Workforce2007



Entered workforce1971

Age 50Age 60 Age 38 Age 24

True Boomers Generation Jones Generation X Generation Y

True Boomers Generation Jones Gen X Gen YTrue Boomers(1946-1955)

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> Cuban Missile Crisis

> Vietnam War

> Kent State

> November 22, 1963

> Gemini 7

> Apollo 11

> The Cold War

> The Draft

> The Pill

> Flower Power

> Hippies

> Civil Rights

> Woodstock

> The Great Society

My Groove: 1962-1971

True Boomers Generation Jones Gen X Gen YTrue Boomers(1946-1955)

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> Midnight Cowboy

> Lava Lamps

> Love beads

> Rolling Stones

> Polaroid Cameras

> Transistor Radios

> Color Television

> Ed Sullivan Show

> Love Story

> The Graduate

> LP Albums

> Civil Rights

> Motown

> Laugh-In

Formative years: 1962-1971

True Boomers Generation Jones Gen X Gen Y

> Formative Years: 1962-1971

(1946-1955)True Boomers

(1946-1955)

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(1946-1955)

Work and benefits, circa 1971


Work, circa 1971

>Electric Typewriters

>Rotary Phones

>Steno Pool

>Carbon Paper

>Reproduction Department

>Uniform Pay Increases

>Women In Skirts

>Fringe Benefits

>Personnel Department

>Major Medical Coverage

>Marcus Welby Era Of Medicine

>OSHA

>Pay Stubs

>Non-portable Pensions




(1946-1955)

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(1946-1955)

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**


Work Outlook*8th Annual MetLife Study of Employee Benefits Trends, MetLife, 2010

**Leopold, R. The Benefits Edge, MetLife 2009




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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

Work Strategies




(1946-1955)

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(1946-1955)

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*


Benefits Outlook*Pew Research Center, 2009

**8th Annual MetLife Study of Employee Benefits Trends, MetLife, 2010

*** Leopold, R. The Benefits Edge, MetLife, 2009




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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

Benefits Strategies




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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

Health Strategies




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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

Wealth Strategies

* 8th Annual MetLife Study of Employee Benefits Trends, 2010

** Generational Advisor.com

True Boomers Generation Jones Gen X Gen YGeneration Jones(1956-1964)

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>Three Mile Island

>Patty Hearst

>Sky Lab

>Watergate

>The Bicentennial

>ERA

>Nixon Resignation

>Affirmative Action

>Detente

>Iran Hostages

>Stagflation

>Energy Crisis

>Me Decade

>War in Cambodia


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My Vibe: 1972-1981

>Star Wars

>UHF Television

>Bee Gees

>8-Track Tapes

>The Mod Squad

>Captain & Tennille

>Partridge Family

>Boogie Down

>Suede Vests

>Funk Music

>The Brady Bunch

>Mood Rings

>Peter Frampton

>Jaws



(1956-1964)Generation Jones

(1956-1964)

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> Typewriter Cartridges

> Mail Department

> Touchtone Phones

> Post-It Notes

> Calculators

> Women in the workforce

> Rolodexes


(1956-1964)

>Dependent Coverage

>Dawn Of Managed Care

>ERISA

>Fee For Service

>DRGs

>Stock Options

>ATMs

Work, circa 1981




(1956-1964)

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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**


(1956-1964)

Work Outlook*8th Annual MetLife Study of employee Benefits Trends, 2010

**www.JonathanPontell.com/ aboutgenjones



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Work Solutions

> Recognize Generation Jones

> Career advancement opportunities

> Job security

> Introduction to new technologies

> Charitable-matching

> Group discounts

Work Solutions




(1956-1964)

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Benefits Outlook


(1956-1964)

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**

*8th Annual MetLife Study of Employee Benefits Trends, MetLife, 2010

** Leopold,R. The Benefits Edge, MetLife, 2009



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Benefits Strategies

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



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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

Health Strategies•AARP Study: Impact of Economy on Health Behaviors, Aug. 2009 **Clinical Preventive Taskforce, CDC***Us Dept. of Health & Human services: SAMHSA, Aug 2009



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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

> Group annuities

Wealth Strategies*Charles Schwab billboard**8th Annual MetLife study of Employee Benefits Trends, MetLife, 2010

True Boomers Generation Jones Gen X Gen Y(1956-1964)

Gen X(1965-1980)

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(1956-1964)Gen X

(1965-1980)


>AIDS

>Princess Diana

>Nelson Mandela

>Latchkey Kids

>Star Wars Defense

>Iran-Contra

>Downfall of Communism

>Rise of the PC

>Reagonomics

>Desert Storm

>1987 Stock Market

>Space Shuttle

>Fall of Berlin Wall

>Challenger Disaster

True Boomers Generation Jones Gen X Gen Y(1956-1964)

Gen X(1965-1980)

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(1956-1964)Gen X

(1965-1980)

My Signal: 1984-1993

>Break Dancing

>MTV

>Home Alone

>Duran Duran

>Cheers

>Sony Walkman

>Ghostbusters

>Just Say No

>Atari

>Miami Vice

>Diet Coke

>VCRs

>Billy Idol

>Max Headroom


True Boomers Generation Jones Gen X Gen YGen X(1965-1980)

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Gen X(1965-1980)

Work, circa 1993

>Dot-Matrix Printers

>Beepers

>Monster Cell Phones

>PC Computers

>Multi-Job Careers

>Cubicles

>Floppy Disks

>401-Ks

>Work Life Balance

>Diversity Sensitivity

>Co-Pays

>Americans With Disabilities Act

>HMOs and PPOs

>Cafeteria Plans



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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*

Gen X(1965-1980)

Work Outlook*Kovary G. & Buahere A.:The Road to Performance Success, 2003




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Gen X(1965-1980)

Work Strategies

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



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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*

Gen X(1965-1980)

Benefits Outlook*8th Annual MetLife Study of Employee Benefits Trends, MetLife, 2010

**Three Steps to Closing the Underinsured Gap: MetLife, 2010



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Gen X(1965-1980)

Benefits Strategies

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



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Gen X(1965-1980)

Health Strategies

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



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Gen X(1965-1980)

Wealth Strategies

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

True Boomers Generation Jones Gen X Gen YGen Y(1981-1994)

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>Iraq War

>Hurricane Katrina

>Cultural Diversity

>Gay Marriage

>Dot Com Bust

>Social Media

>Stock Market Rally

>Reality Television

>Dot Com Boom

>War on Terror

>Y2K

>The Web

>Anthrax

>Columbine

True Boomers Generation Jones Gen X Gen YGen Y(1981-1994)

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My Link: 1998-2007

>PlayStation

>Justin Timberlake

>ITunes

>Friends

>Red Bull

>Snapple

>Eminem

>X-Files

>The Simpsons

>Titanic

>MySpace

>Black-Eyed Peas

>Survivor

>X-Box



Gen Y(1981-1994)

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Work, circa 2007

>Virtual Office

>Outsourcing

>Cell Phones

>24/7

>Downsizing

>Blackberries

>Total Rewards

>Double Digit HC Inflation

>Consumer Driven Plans

>Wellness

>HIPPA

>Voluntary Benefits



Gen Y(1981-1994)

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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*

Work Outlook

*Smith S., Talent Market Series, Deloitte & Touche, 2007



Gen Y(1981-1994)

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Work Strategies

Work Strategies

> Instant messaging, texting, social media> Recognition and acknowledgement programs > Mentoring programs> Work group flexibility> Work-life flexibility > Virtual work



Gen Y(1981-1994)

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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 **

Benefits Outlook*Leopold R. The Benefits Edge, MetLife, 2009




Gen Y(1981-1994)

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Benefits Strategies

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



Gen Y(1981-1994)

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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

> Online pharmacy

Health Strategies

*Generation Y:2008 Survey of Health Care Consumers, Deloitte & Touche

**www.valueoptions.com/generation Y



Gen Y(1981-1994)

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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

Wealth Strategies


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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


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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!