Employers should offer financial wellness benefits that help employees make the most of their defined contribution plan savings. Specifically, more than four in five (84%) of Boomers want the option to use some — or all — of their retirement savings to purchase an annuity that offers a guaranteed income stream in retirement.
3. Lean in on purposeful work
Although many Boomers are most focused on their financial health, mission-driven work remains an essential of employee care. Compared to the total workforce, Boomers are 10% more likely to say purposeful work is a “must-have” component of care, and 76% of Boomer employees are committed to their organization’s goals.
Employers can continue to ignite this sense of purpose by centering the organization’s larger mission in employees’ day-to-day tasks, and trusting employees to work in a way that feels most meaningful to them.
In addition, employers should invest in mentoring initiatives that allow Boomer employees to “pass on” this sense of purpose to the next generations of talent. Not only can experienced team members derive greater meaning from their work through teaching, but mentorship helps young talent develop new skills — a “must-have” to care for Gen Z.
Safeguard your employees’ future with care
With retirement just around the corner, Boomer employees seek additional support to ensure they can manage their cost of living, including their healthcare costs, in retirement. Taking a multifaceted approach to care allows employers to support Boomers’ holistic well-being, foster a happier, healthier workforce, and instill a sense of purpose that boosts outcomes across the organization.