The competition to hire the best will increase in the years ahead. Companies that give extra flexibility to their employees will have the edge in this area. – Bill Gates
Generation Z is the youngest group of employees in the workforce right now, and they’re one that employers should be paying attention to. They’re shaking things up as much as the Millennials that came before them did, and to attract and keep young talent you need to offer them the benefits they want. Below, you can read the details about what Gen Z considers important, and why.
Defining Generation Z
- Generation Z falls between the much-maligned Millennials (also known as Generation Y) and the newly coined, still too young to be working, Generation Alpha.
- The exact age range of each generation is debated among experts, but broadly speaking Gen Z was born between 1995 and 2012.
- That means that not everyone in this group is over 18 and allowed to work yet and that its oldest members are around 25.
- Generation Z represents the biggest single segment, 32%, of the global population.
- These youngsters are even more stressed and prone to anxiety and depression than Millennials. This leads to more of them smoking and prioritizing mental health issues. Both of these factors mean health and wellness benefits are important to them.
- In the United States many Gen Zers are dealing with student loan repayments that threaten to crush them every month, leaving little money left over for any kind of savings. This is one of the main reasons for their high stress levels and means they are very concerned about financial security.
- This is the so-called “woke” generation, and it’s very aware of and driven to change the current state of the world – another reason for their collective anxiety. Global warming and the environment, and economic inequalities are chief among the issues that they focus on.
- Members of Generation Z have grown up using digital resources for everything, and they’re very comfortable doing so. You can expect them to compare the benefits that you and your competitors are offering, and to conduct extensive online research before they make big decisions in any area of their life.
- Their capacity for online research also means they’re likely to spend time reading about and understanding all possible benefits, and are informed enough to deduce which ones would be best for them.
- Although Gen Zers are so technologically savvy, they also recognize the value of their elders’ experience and often choose jobs where they’ll be able to learn from more experienced mentors.
The Benefits Gen Z Values Most
To recap, the working-age members of Generation Z are well informed and take the time to consider the decisions that they make. They’re concerned with their own health and economic security, as well as that of the planet as a whole. Short-term projects, and moving between departments or even employers, keeps their minds stimulated and in focus.
They’re also incredibly prone to stress and burnout, in a fast-moving, ever-connected world. So, what are the job perks that they value most? Taking research conducted by a non-profit educational organization with the support of the S&P Global Foundation as a starting point, it’s safe to say that the offers that this group can’t refuse include:
Physical and Mental Health Insurance: These go beyond the traditional medical and dental categories. Generation Z wants LASIX to be an option and wants generous mental health benefits too. Medical insurance for pets is also an attractive bargaining chip.
Retirement Funds: Thanks to advances in healthcare, this generation will live longer than their parents and grandparents. This means they have to plan for when they can’t work or earn money anymore. They might not instinctively embrace this idea, but if you show them it means you are concerned for them as individuals, it can become a major selling point.
Clear Paths for Career Growth, and Mentorship Opportunities: The average Gen Z is ambitious and wants to continue growing in their profession. Outline how this would be possible in your company and highlight the availability of more experienced staff who could act as mentors. Demonstrating how involved the young employee would be in corporate culture and decision making is also highly recommended.
Contributions to and Involvement in Causes They Care About: As aware as they are of the injustices of the world, Generation Zers are usually not in a financial position to be able to do much about it on their own. If their employer uses its strength to get behind causes they care about, they’ll feel like they’re taking care of themselves and making a valuable contribution – a very attractive prospect for these individuals.
Student Loan Repayment Assistance: Your company’s financial advisors can help you decide how best to offer this assistance. Employees might be given the option of using a portion of the 401(k) matching funds to pay off their student loans, or a business might be in a position to settle some of the debt outright.
Personalized and Portable Benefits: Individuals in the Gen Z group enjoy moving between departments and companies as they strive for their own career growth. To entice them to join yours, make sure they can take their benefits with them when they make one of these moves.
Personalization is also crucial; they can research the perks that they want and then discuss them with you. This has the dual purpose of allowing you to put together very attractive offers and making them feel included in your corporate culture.
Closing Thoughts: COVID-19’s Impact
The novel Coronavirus and the subsequent lockdown measures taken to control the outbreak have affected almost every area of life for most people. In terms of the benefits that recruiters should be offering to Generation Z, the outbreak has shown them in even sharper relief.
Assistance with loans, good mental and physical health insurance, and the capacity to allow would-be employees to port and personalize their packages are even more important to Gen Z than they were before the pandemic.
Whether your company is hiring now or has suspended recruitment until after lockdown, these are the issues you need to be focusing on. Maintain your organization’s presence by conducting the interview process so that only the final meeting has to take place once lockdown measures are lifted, and make sure that these benefits are part of any offer you make to a Gen Zer.
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