Small business owners have a lot to consider when it comes to employee benefits. Health insurance costs have been rising steadily, and with the implementation of the Affordable Care Act, many small firms may see a further increase in their premiums. Nevertheless, employers know that robust benefits packages are a huge draw for talented workers and a key component of employee retention. To prevent larger organizations from poaching their best people, small business owners are looking for more affordable ways to take care of their employees — and it isn’t all about health care. So how can small firms compete? The solution may lie in customization. Employee needs vary by generation These days, one-size-fits-all benefits packages simply don’t make sense, especially for small employers. Consider the multigenerational nature of most workforces, with each subsequent generation demanding different perks: • Maturists (born before 1945): For this group, stability is key. A lifetime job, homeownership, and a comfortable retirement mean everything. They’re looking for a hefty retirement plan and solid financial counseling. • Baby Boomers (born 1945-1960): Boomers want the job security that will allow them to live large, both before and after retirement. They want retirement plans, time off for vacations and hobbies, wellness programs, and long-term health insurance. • Generation X (born 1961-1980): This generation is focused on achieving work/life balance, and a bigger paycheck will offset the loss of certain benefits. They enjoy companies that allow flextime and remote work and seek benefits that serve them outside the workplace, such as pet insurance or adoption cost benefits. • Generation Y (born 1981-1995): The first digitally native generation craves freedom and flexibility. Most will not stay in their current jobs for the long haul, so they [...]