Purchasing Power® Details Voluntary Benefit Customization 2.0

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Feb 24, 2017, 07:55 ET

ATLANTA, Feb. 24, 2017 /PRNewswire/ -- The new way to customize voluntary benefits goes beyond simply matching benefits to mainstream generation characteristics—employers today should consider adding another level of segmentation. Purchasing Power® has identified eight specific employee personas based on lifestyle and buying preferences that provide a more informed method for employers to offer the voluntary benefits that are important to their workforce. This new approach is detailed in a Purchasing Power White Paper released today, "Beyond the Generations: Ultimate Customization."

In today's thriving economy and positive job market, attracting and retaining employees is a bigger challenge for employers than it has been in recent years. The ability to customize benefits resonates with employees.

"There is more to customizing benefits than age alone. Employers can't overgeneralize the generations today," Chief Operating Officer Elizabeth Halkos points out. "Within the generations there are varying lifestyles and buying preferences that dictate what benefits are important to them. This is especially key for non-traditional voluntary benefits that offer the ultimate customization approach to the workforce," she adds.

While a large portion of the population within the three primary generations—Baby Boomers, Generation X and Millennials—fits the average description of that generation and can be classified as "mainstream," not all employees in a generation have the same benefits needs. The eight personas that further segment these generations include monikers such as Content Boomer, Budget Living, Balanced Bliss, Savvy Starters, Flourishing Family, Urban Crew, Settled in the City and Cultural Mix.

The "Beyond the Generations" White Paper illustrates a new way to match voluntary benefits to employees' diversity for a more effective total rewards strategy. This White Paper:

Discusses the new way to customize benefits for today's workforce;
Defines the different personas within the generations;
Outlines the non-traditional voluntary benefits that each persona prefers; and
Helps determine benefit offerings based on the makeup of the workforce so employers succeed in recruitment and retention efforts.

"Organizations that take customization of benefits to heart and embrace further segmentation of the generations will be able to structure their benefits in a way that will attract, retain and engage the talent they need for the future," Halkos concludes.

About Purchasing Power, LLC
Purchasing Power, LLC, is one of the fastest-growing voluntary benefit companies in the industry, offering a leading employee purchase program for consumer products and services as well as providing financial tools and resources to improve employee financial wellness. Purchasing Power is available to millions of people through large companies including Fortune 500s, associations and government agencies. Headquartered in Atlanta, Purchasing Power is 'Powering People to a Better Life™' through its employee purchase program, financial literacy efforts and corporate social responsibility initiatives. Purchasing Power is Flexpoint Ford, LLC company. For more information, visit www.PurchasingPower.com.

Media Contact:
Joe Swaney, 404.609.5630
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Juliann Kaiser, 770.643.0615
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SOURCE Purchasing Power, LLC