Do Generations Think About Employee Benefits Differently?
Each generation is different when it comes to how they think about employee benefits. While Baby Boomers might seek out companies with top-notch retirement, healthcare, and wellness benefits, Gen X, born between 1965 – 1980, might be most interested in employee benefits that help them care for aging parents or provide financial protection. Millennials, who might be looking to grow their families or are saddled with student loans, maybe most enthusiastic about paid parental leave or student loan repayment assistance.
While Generation Z is still young, the oldest of this generation is finally entering the workforce. Now, human resources professionals must learn how to attract, onboard, and integrate Gen Z into the workplace. To do that, they need to learn what employee benefits motivate and truly support Gen Z workers.
Compensation will always be important in recruitment and retention, but Gen Z also greatly values non-traditional employee benefits and perks. Here are some of the unique employee benefits Gen Zers we spoke with want most.
Flexibility and Work-Life Balance
Having entered careers when businesses and employees are redefining the workplace, Gen Z places greater importance on work-life balance, the flexibility of working from home, paid time off, and sick leave.
Learning Opportunities
From on-the-job training to tuition assistance, Gen Zers are constantly looking for opportunities for career growth.
Mental Health & Wellness
Mental health needs are on the rise, especially among Gen Z. Employers can offer a range of benefits, including meditation apps, stipends for yoga or other wellness classes, and sleep and exercise trackers.
Positive Workplace Culture
According to Pew Research Center, approximately half of Gen Z are non-Caucasian, and one-third say they know someone who prefers gender-neutral pronouns. They want to work for an organization that values diversity, equity, and inclusion (DEI) and have programs that support all employees.
Transparency
Growing up deeply connected to technology, Generation Z values information at the click of a button. Gen Zers especially appreciate open and honest communication around pay, promotions, company goals, and revenue.
This article is part of our Generation Z toolkit – a series of articles and posts designed to help you onboard and retain your youngest employees. Members of Gen Z are born between 1997 and 2012. Their behaviors, attitudes, lifestyles, and thoughts about work can be dramatically different from other generations. HR leaders must understand Gen Z’s unique preferences and differentiators to build and maintain a strong and diverse team.
