African American Grandfather And Little Grandson Reading A Book Sitting Together On Sofa At Home. Senior Male Teaching His Grandchild To Read On Weekend. Family Moments Concept

Almost half of the 608 American workers surveyed by Alegeus said they spend most or all of the annual benefits associated with family care that their employers offer. Those benefits include elder care, daycare, pet care and adoption assistance.

“In the current high-inflation economic environment, consumers are growing increasingly cost-conscious, and many employers are introducing benefits to assist and retain their employees,” Alegeus said in a press release

The top three retention perks are family care, food and work-from-home support (such as office supplies). 

Family care and healthy living perks are particularly attractive to millennials — those born between 1981 and 1996, according to the survey. Generation Z workers — those born between 1997 and 2010 — rank food and family care on top. Work-from-home and food support are high priorities for baby boomers and Gen Xers — those born between 1946 and 1964 and those born between 1965 and 1980, respectively.

The oldest respondents represent the silent generation, those born between 1928 to 1945. Those folks prioritize food and leisure / hobbies, according to the report. Respondents who are part of the silent generation are more likely to use all of their lifestyle budget annually (60%), whereas Gen Zs are the least likely to use all of it (19%). 

The research showed that employers can better tailor their benefit offerings to their workers’ lifestyles. When it comes to generational differences, millennials are most likely to agree that their perks are fully aligned with their lifestyle, whereas baby boomers (47%) and Generation X (41%) said they feel their perks don’t always align with their lifestyle. 

“With layoffs plaguing the workforce and growing job uncertainty, more employers are utilizing Lifestyle Spending Account (LSA) offerings to attract and retain talent, but they must ensure their employees are fully aware of them and that these benefits align with their wants and needs,” Alegeus said. “In addition to speaking with and surveying employees, employers should work with their administrators to ensure they are tailoring and bringing awareness to their perks, while leveraging the right solutions to effectively manage all their lifestyle benefit offerings.”