Generation Z comprises the newest members of the workforce, and just like previous generations, they are shaped by the events and communication tools of their time. In this article, we review how to ready your benefits and organization for Gen Z.
Generation Z comprises the newest members of the workforce. Born between 1997 – 2012, this generation has different values, priorities and expectations compared to previous generations when it comes to workplace benefits. They are also expected to outnumber baby boomers in the workplace by 2032.
Just as the events of 9/11, the start of the internet, or the Vietnam war defined previous generations, GenZ is defined by the advent of AI, Covid-19, and school shootings. True digital natives, they have never known a world that did not include social media, text messaging, and Google.
This is the most racially and ethnically diverse group of employees, and they seek alignment of work with their values rather than compartmentalizing their lives. They are prioritizing work wellbeing, and organizations’ scores on dimensions of how happy, enjoyable, satisfying and meaningful work are visible to prospective employees.
Previous generations have adapted to working life, and so will GenZ. But it’s important to identify what is important to them so that we can tailor benefits, recruitment, and how our organizations are being evaluated by job seekers.
Onboarding
Include salary information, schedule, and benefits information to broaden your pool of applicants if you’re searching for younger employees
If there are negative reviews about your workplace on Google or other job seeking sites, responding professionally can go a long way
Ensure that your screening questions are limited to those that are necessary; only 11% of candidates will go through more than 45 questions
Mental Health and Wellbeing
Gen Z places a strong emphasis on mental health resources and support
Consider expanding mental health coverage, offering an employee assistance program, or providing access to meditation/mindfulness apps
Promote work-life balance with flexible schedules and generous paid time off policies
Financial Wellness
With Gen Z being the most debt-burdened generation, offer resources on budgeting, saving, investing and paying off loans
Consider offering student loan repayment under a flexible spending account category.
Ensure your retirement plan education caters to Gen Z's longer runway until retirement.
Personalized Benefits
Gen Z values customization and choice when it comes to benefits.
Offer a flexible benefits plan that allows them to select non-traditional perks like pet insurance and other wellness items that shows that you see them as individuals with their own goals and preferences.
Professional Development
Gen Z is passionate about continual learning and skills development
Provide tuition reimbursement, access to online training courses, and internal mentorship programs
Highlight your investment in emerging technologies they are adept with
By being proactive and attuned to Gen Z's needs, employers can tailor benefits offerings to attract and retain talent from this latest generation joining the workforce.
Contact us today to chat about how we can get your benefits plan Gen-Z ready!
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