Written by MixCare Health Team —
Welcome to the first article in a series of three that will take a closer look at employee benefits (EBs) tailored to different demographics in the workplace. This series will explore various wellness benefits offered by forward thinking companies in Hong Kong that are tailored to meet the unique needs of employees across different age groups, genders and abilities.
In the dynamic, multi-generational landscape of the Hong Kong workplace, tailoring employee benefits to suit various age groups can significantly enhance job satisfaction and retention. Companies such as Prudential, J.P. Morgan, AXA, and Goldman Sachs are leading examples of organisations that have adapted their benefit offerings to cater to diverse needs.
Here’s a closer look at the most common employee benefits by age in Hong Kong, as well as the exemplary benefits provided by these companies.
Younger Professionals (Gen Z and Young Millennials)
For those just starting out in the workplace, or in the early stage of their career, benefits that align with professional growth and lifestyle are essential.
- Mental Health Support: Aware of the stressors faced by young professionals, progressive companies are proactive in their approach, offering comprehensive mental health support services. This includes on-site counsellors, subsidised therapy sessions, and digital platforms for mental health that provide tools for self-assessment, mindfulness, and stress management.
- Learning and Development: L&D programmes are designed to satisfy the young professionals’ hunger for advancement and skill acquisition. They are not only looking for learning opportunities but also for guidance through coaching. This includes access to e-learning platforms with a wide array of courses and the provision of both virtual and face-to-face coaching sessions to help them navigate their career paths and personal growth. Additionally, sponsorship for attendance at conferences, and tuition reimbursement for relevant further education, are often provided.
- Fitness Subscriptions: With a young workforce that values fitness, partnerships with top-tier gyms and fitness centres to offer discounted memberships are common. Some corporations have taken this a step further by providing on-site exercise classes, ranging from high-intensity interval training to yoga, catering to a broad spectrum of preferences.
For example, Goldman Sachs offers fitness programmes and resources to encourage employees to prioritise their physical health. These programmes may include gym memberships, fitness classes, and wellness challenges.
Mid-Career Employees (Late Millennials and Gen X)
This group often seeks stability and long-term security.
- Health Screenings: Regular health screenings are essential benefits for this age group. Offerings often include extensive annual cheque-ups that cover cardiovascular, cancer, and a host of other potential health issues. These are often conducted on-site or through a network of preferred healthcare providers.
- Family-Friendly Benefits: Recognising the challenge of balancing professional and personal life, there are provisions for flexible work schedules, telecommuting options, and generous parental leave policies. Child Care assistance, whether through on-site childcare facilities or through partnerships with local providers, is also a sought-after benefit for employees in this bracket.
For instance, starting from 2024 AXA (Hong Kong) has increased paid co-parent leave from 20 days to an impressive 40 days. This substantial extension affirms the company’s commitment to supporting employees through various life stages, ensuring that co-parents can spend more time with their families during these critical periods. This enhanced benefit is part of AXA’s broader effort to foster a more inclusive and supportive working environment that promotes work-life balance.
- Wellness Retreats: To address the need for mental and physical rejuvenation, wellness retreat programmes are offered. These retreats often include activities like mindfulness workshops, nutritional counselling, and therapeutic services that promote holistic health.
- Retirement Planning: Long-term financial security is a significant concern for mid-career employees. Facilitation of retirement planning through comprehensive financial wellness programmes that include one-on-one financial advisory, investment workshops, and retirement savings plans that are often bolstered by employer-matching contributions are in place.
Goldman Sachs actively supports its employees’ long-term financial security through a comprehensive financial wellness programme. It includes personalised financial advising, employer-matching retirement contributions, and educational resources on topics from investment strategies to estate planning.
Seasoned Professionals (Baby Boomers and Traditionalists)
For senior employees, benefits that support health, wellness, and a smooth transition into retirement are key.
- Comprehensive Health Insurance Plans: For employees nearing retirement, health concerns become more prevalent. Offerings include health insurance plans that provide comprehensive coverage with a focus on preventative care and treatment of chronic conditions that go beyond basic group medical plans. These plans often include access to a network of specialists and a range of medical services.
- Flexible Work Arrangements: As seasoned professionals look towards retirement, flexibility increases in importance. Offering phased retirement plans allows employees to gradually reduce their hours while mentoring their successors. This helps maintain institutional knowledge while respecting the changing needs of the ageing workforce.
- Retirement Benefits Retirement benefits are a key focus for seasoned professionals who are planning for their future. Leading organisations often provide a variety of retirement planning services, such as MPF plans with employer matching contributions, pension schemes, and seminars on financial security in retirement. These benefits not only support employees as they look ahead but also demonstrate a company’s commitment to their long-term welfare.
JP Morgan and Prudential provide comprehensive retirement savings plans that allow senior employees to contribute a portion of their income towards their retirement, and ORSO services for custom or standardised retirement portfolios.
Certain benefits appeal to employees of all ages, forming the foundation of a comprehensive employee benefits package. These include quality health insurance, work-from-home options, continuous learning opportunities, and flexible working hours. By offering these universally sought-after benefits, companies can attract and retain talent across generations in today’s competitive market.
Understanding these generational preferences allows Hong Kong employers to create a more inclusive, supportive and productive work environment. As the labour market continues to evolve, those organisations that listen to and act on the needs of their employees across all age groups will be best positioned for success.
MixCare Health is at the forefront of helping businesses offer tailored benefits packages to meet the diverse needs of their workforce. Learn more about how MixCare Health can support your organisation’s employee benefit programmes here.
