As job dissatisfaction continues to grow, employees are demonstrating their power to influence their work environment through their demands for greater flexibility, work-life balance and richer benefits, along with their increased propensity to quit their jobs.
To remain competitive in the future of the workplace, employers must identify opportunities to address the evolving set of needs of Zillennials, who are setting new standards for employers based on their changing values and priorities. As we reach this inflection point, employers across industries should use this as an opportunity for reflection and growth — especially as more than half of Zillennials (53%) say having an unfulfilling job is currently a top source of stress.
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Thankfully, employers can help improve the Zillennial employee experience by thinking of benefits as the foundation of the whole employee experience. Employers can and should offer comprehensive benefit packages that both complement and reinforce the other critical elements of the employee experience — particularly as one in four Zillennials (27%) say they have considered leaving their employer for an improved benefits package over the past year. Below are three ways that comprehensive benefit packages can improve Zillennial workplace satisfaction:
- Offering a combination of traditional and new benefits
Thinking holistically about benefit offerings can help improve Zillennial well-being and job satisfaction. According to MetLife’s report, traditional benefits remain of high importance to Zillennials; this is particularly true of legal plans, life insurance and hospital indemnity insurance, which jumped 25 percentage points, 23 percentage points and 19 percentage points since 2017 among this age range, respectively. What’s more, when asked what would most improve Zillennial well-being, they cited paid and unpaid leave benefits (74%); work-life management programs (67%); and programs to support their financial needs (55%) as top priorities. As employers consider adapting their benefit offerings, including and going beyond traditional benefits will become increasingly impactful as employers look to support the entire employee.
- Providing a more flexible work environment
A workplace that taps into and improves employee social well-being, often through promoting a flexible work culture, has become a top consideration for Zillennials. In 2010, younger employees put benefits, advancement opportunities and company culture ahead of “work-life balance” in driving loyalty towards their current employer. However, today, flexible work schedules are second only to salary/wages in driving loyalty among this group. Just consider that 60% of Zillennials say flexibility is a “must have” for accepting or staying in a role. As flexibility continues to increase in importance, this type of work culture will be critical for employers to consider, particularly as they look to retain this younger generation long-term.
- Supporting employee mental health
Today, employees are feeling more stressed, burned out, depressed and overwhelmed when working compared to last year. Unfortunately, employers are likely underestimating how much of an impact the pandemic and other issues have had on employee mental health. In fact, MetLife’s report shows that 85% of employers think their employees are mentally healthy, but only 68% of employees report feeling mentally healthy. In fact, in the last year alone, more than half of Zillennials have sought mental health help. To better support their employees, companies should offer mental wellness benefits and programs, especially considering that 62% of Zillennials cited mental health benefits, including employee assistance programs (EAP) and reimbursement for therapy sessions, when asked what would most improve their well-being.
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By using Zillennial expectations as a barometer for success, employers have the opportunity to evolve to meet employee needs in stride — through offering comprehensive benefits, creating a flexible work culture and supporting employee mental health. With job satisfaction and loyalty at a 20-year low across all generations, expanding the range of benefits will also be paramount for employers looking to retain the future of the workplace.
