The greatest question that your employer clients should continually ask is, what do my employees want out of their workplace? This is especially important as we endure a turbulent market, low unemployment and
I recently spoke on a panel alongside industry leaders to explore what benefits Gen Z is looking for in the workplace and how this compares to their millennial counterparts. Below are several key takeaways I learned during the conversation.
Gen Z is in the early stages of joining the workforce: born between 1997 and 2012, the oldest are just a few years into their careers. They are digital natives and
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First and foremost: let’s acknowledge that an entire generation cannot be summarized or expected to adhere to one set of characteristics or rules. There also are variances between generations when compared today, since they are, of course, at different stages of life. These might not reflect foundational differences, but when considering how to make the most of benefits, we need to consider such variances.
Mission and role
Gen Z is more likely to examine the company mission not just based on a statement buried in a corporate website, but how they show engagement with customers and the broader population. To wit: a digital presence to demonstrate transparency and
Further, they want to know their role matters, and beyond traditional career trajectory opportunities, they want to know there are learning and growth opportunities that will help them branch out. The model of picking a career and staying within that track at a single company is dying. Entice new employees with what they’ll learn in their roles and how that can translate to any number of pathways forward.
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Benefits and culture
As might be expected, health and
The interest in student loan repayment benefits tends to vary based on socioeconomic background, though I expect with a large portion of Gen Z still in school, this will become a larger point of interest as more join the workforce. Hopefully, the final form of SECURE 2.0 will include an opportunity to combine 401(k) matches with incentivizing student loan repayments without sacrificing saving for the future.
Unlike millennials, who are further into their careers and more focused on family and flexibility, Gen Z tends to be more interested in workplace (in-office) culture. Flexibility still will be key, but they want to know how the workplace will allow them to gain new friendships, peers to grow with and access to a diverse set of people from whom they can learn. Mentorship and reverse mentorship is an important aspect to kick-start their careers.
Financial literacy and communication
Gen Z is looking for
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How can content be broken down into bite-sized pieces, and served up based on where they might be in their career or life. Example: younger, new employees might care about student loans, how to sign up for benefits and making new savings decisions; while older or longer-term employees may care more about college savings plans, family planning benefits and how to measure where they are in their savings journey.
How can the platform(s) that are used help deliver that content based on available data? Further, how can employees quickly and easily take action based on what they’re learning? Just like enrollment meetings that aren’t inclusive of signup steps onsite, digital content without actionable links and nudges won’t lead to better outcomes.
At the end of the day, the most important action your employer client can take is to continue engaging team members and potential hires to ask what is important to them, determine the core offerings and what flexibility can be offered to meet employees where they are. Similarly, advisers can look to support their clients by helping review what platforms best integrate and offer such flexible benefits with timely education and actionable steps along the way.
