Posted By 
Joseph De Dominicis
Special to the Financial Independence Hub
While there are a number of interesting workplace trends expected in 2019, there is one main theme leading employers will be focused on: adapting to a generational shift in the workplace. When it comes to their Human Resources (HR) programs, employers will need to focus on providing employees with a consumer-grade user experience at work, and using data and technology to provide integrated, personalized and flexible pension, benefit and wellness programs.
Millennials largest generation in workplace since 2015
The workforce and employee needs continue to change. Since 2015, millennials have outpaced baby boomers as the largest generation in the Canadian workforce, with the millennial mindset now defining corporate culture[1]; generation Z entered the workforce[2], placing new demands on employers as they look to adapt to changing motivations; and with Canada’s aging population, those leaving the labour force outnumber those about to join[3].
In 2019 and going forward, employers need to evolve their programs to fit the new archetype of an employee.
At a conference I attended recently, one of the speakers used the example of a day in the life of an individual to demonstrate how technology is influencing almost every part of their daily routine. This is the experience for most working Canadians; however, there is an evident disconnect upon entering the office.
Need to integrate apps & technology
For example, an employee may wake up and check their Apple watch and ask Siri or Alexa to play the weather report. While taking an Uber to work, the employee orders coffee from the Starbucks app, which is ready for pick-up on the way to the office. The disconnect then happens when that employee arrives at work; programs are not integrated, need to be accessed across a number of systems, are not technology friendly and the information being received is generic across all employees.
When it comes to program development, today’s employees are looking for programs that are delivered to them in the same way they receive information from the platforms and services they interact with in their personal lives – integrated onto one mobile platform with tools and content in one place, and recommendations tailored to their personal interests.
Developing flexible and personalized programs has become especially important today as the workplace is made up of four generations. Organizations have learned that a single approach will not work for all generations; programs need to be developed with flexibility in mind, allowing an employee to customize their plan based on their stage of life: allocating dollars towards health, wellness and saving programs best suited for their specific situation (e.g., paying off student debt versus planning for retirement).
One approach won’t work for four generations
To develop these plans, employers should look to data and technology. Advanced technology, such as artificial intelligence and predictive analytics, will provide employers with the opportunity to customize programs for individuals at their unique life stages. This then removes the previous “one size fits all” plan and allows for individuals to receive tailored content and recommendations: using smart tools to provide employees with education around the impact of each choice, to make the right decision for their goals and needs.
With change brings new opportunity for organizations to review their business strategy, and structure and deliver programs that give them a competitive edge within their industry. While the new multi-generational workplace will shift and redefine the way we come to work, it provides an opportunity to deliver programs that improve the physical, financial and mental wellbeing of employees.
Leading organizations are reviewing programs with less focus on providing the highest level of benefits and more focus on providing the best possible user experience. Employers that get that balance right will be well equipped for the generational shifts we’ll see in the years to come.
[1]http://ravenhillgroup.com/millennials-canadian-workforce/
[2]https://charityvillage.com/cms/content/topic/decoding_gen_z_what_gen_z_candidates_are_looking_for_from_employers_and_their_careers/last/189#.XCzzIVVKiCh
[3]https://www12.statcan.gc.ca/census-recensement/2016/as-sa/98-200-x/2016003/98-200-x2016003-eng.cfm
Joseph De Dominicis is Vice President and Ontario Retirement Solutions Leader for Morneau Shepell. He is also the strategic Client Relationship Partner for some of Morneau Shepell’s largest clients with relationships spanning across Morneau Shepell’s suite of services. In this role, he works with clients to build strategies that help maximize the financial, physical and mental well-being of their people.
