A Study of Flexible Benefit Needs Among Multi-Generational Employees at Company XYZ

Abstract

The objectives of this research were to 1) study and comparatively analyze the needs for flexible benefits, 2) study and compare personal factors contributing to differences in employees' flexible benefit needs, and 3) evaluate and propose appropriate guidelines for designing flexible benefits. The sample used for data collection consisted of 242 employees at Company XYZ. However, in the process of comparative analysis and hypothesis testing using inferential statistics, the researcher screened and utilized only the primary population groups with an adequate proportion, namely Generation X and Generation Y, totaling 228 respondents, to prevent statistical inaccuracies. The instrument used for data collection was a questionnaire. The statistics used for data analysis included frequency, percentage, mean, standard deviation, the Mann-Whitney U Test, and the Kruskal-Wallis Test. The research findings revealed that: 1) Employees’ overall satisfaction towards current benefits was at a moderate level (Mean = 3.24), with the health aspect having the highest satisfaction. Overall, the need for flexible benefits was at a high level (Mean = 3.75), with financial security and health being the highest needs. The hypothesis testing results comparing generations showed that Generation X and Generation Y employees had statistically significant differences in their needs for flexible benefits at the .05 level in the aspects of family support, time and leave, financial security, learning and development, and lifestyle. Generation Y exhibited a higher average need than Generation X in all aspects where differences were found, with the most significant differences observed in the learning and development aspect, and the time and leave aspect. 2) The comparative analysis of personal factors showed that factors including tenure, gender, education level, and average monthly income resulted in significantly different needs for flexible benefits at the .05 level. 3) Based on these findings, the researcher proposed an appropriate guideline for designing flexible benefits, which is restructuring into a Core Plus Options Plan. This involves designating health insurance as the core benefit for all employees and converting other budgets into credits for optional benefits, allowing employees to choose according to the needs of each generation.