The Role of Insurers in Advancing Equity in Employee Benefits for the Next Generations

As Millennials and Generation Z increasingly shape the global workforce, the expectations around employee benefits are undergoing a significant transformation. These younger generations bring with them new priorities: purpose-driven careers, work-life balance, mental well-being, and values-aligned employers.

For organisations seeking to attract and retain top talent, adapting benefits to meet these expectations is no longer optional. Insurers have a pivotal role to play in guiding businesses toward future-ready, equitable benefit models that support the needs of a diverse, multigenerational workforce.

The shift in generational values is clear. Millennials and Gen Zs prioritise:

• Flexible work arrangements: Remote options, flexible hours, and autonomy.
• Wellness programmes: Holistic support for mental, physical, and emotional health.
• Career development: Opportunities for growth, learning, and mentorship.
• Inclusion-focused workplaces: Cultures that reflect inclusion, equity, and representation.
• Sustainability and social impact: Ethical employers who contribute positively to society.
• Financial wellness: Student loan support, financial planning, and retirement options.
• Work-life balance: Adequate leave, mental health days, and family-friendly policies.
• Modern tools and tech: Access to the latest productivity-enhancing technology.
• Customisable benefits: Plans tailored to individual needs and life stages.
• Health and safety: Comprehensive health insurance and a strong safety culture.

These evolving preferences represent a broader cultural shift. Younger workers want benefits that support their whole selves, not just their professional output.

While some organisations have begun adapting to these needs, many global companies still rely on outdated, location-biased benefit structures. This can lead to inequities in:

• Life and disability insurance coverage that varies drastically by region.
• Access to wellness programmes or mental health services, depending on location.
• Support for remote or hybrid workers that fails to reflect modern work models.

This inequity not only undermines employee satisfaction but also exposes employers to reputational risk and challenges with talent retention.

Insurers are uniquely positioned to help organisations reimagine their benefit programmes to be inclusive, fair, and future-oriented. This involves:

•  Designing equitable global insurance plans: Standardising life, disability, and health cover across borders.
• Enabling flexibility and customisation: Offering modular benefits that allow employees to tailor plans to their lifestyle and needs.
• Incorporating wellness and mental health support: Ensuring preventive care and mental health services are embedded.
• Providing data-driven insights: Helping employers understand generational trends and regional needs.
• Aligning benefits with sustainability goals: Supporting carbon offsetting, digital services, and social impact programmes.

By doing so, insurers become strategic partners in the journey to build inclusive workplaces that support the next generation of leaders.

Unilever has been recognised for rethinking its global benefits to support a more diverse and younger workforce. The company offers:

• A "U-Work" model that combines the flexibility of gig work with the security of traditional employment.
• A global mental health strategy offering consistent access to resources and counselling.
• Programmes for financial education and well-being across all regions.

By working with insurers and benefit partners, Unilever delivers an inclusive benefits strategy that supports employees across cultures, generations, and geographies.

For next-gen employees, values matter. Companies that align benefits with their Inclusion & Equal Opportunities and sustainability commitments  are more likely to:

• Build trust and loyalty.
• Attract purpose-driven talent.
• Enhance their employer brand.

Insurers can support this by:

• Including volunteer days or charity initiatives in wellness plans.
• Offering gender-affirming care or culturally competent health services.
• Ensuring benefits reflect diverse family structures and life paths.

Allianz offers health and life insurance solutions that support multicultural teams and mobile workers across the world. With a focus on holistic well-being and fairness, Allianz ensures employers can deliver benefits that resonate with next-generation values.

As Millennials and Gen Z reshape the workplace, employers must evolve their benefit offerings. Fairness, flexibility, and purpose are the new benchmarks. Insurers play a vital role in this transformation by designing benefits that reflect modern realities and diverse employee needs.

To remain competitive and socially responsible, organisations must work with insurance partners who understand these generational shifts and can deliver customised, equitable benefit programmes.

Discover how Allianz can help your organisation design future-ready, equitable benefit packages that support talent at every life stage. Visit our Business Hub for more insights and resources.