Empowering Gen Z: Building a Competitive Benefits Package
Posted: September 16, 2024
Get ready for a new wave of talent! Gen Z (born between 1997 and 2012), or Zoomers, is the youngest generation entering the workforce, and they’re bringing fresh perspectives and priorities. Unlike previous generations, Gen Z isn’t just punching a clock. They crave opportunities for personal and professional growth, a workplace that prioritizes mental well-being, and financial security for the future.
Gen Z Wants Traditional Benefits….with a Twist
Even though Gen Z are digital wizards who love technology and new and innovative ways of doing things, they do still want and need more traditional employee health benefits as well. It’s important to provide traditional benefits such as extended health, dental, vision, and disability, but make sure to tweak them so they are more relevant to Gen Z.
For example, including a virtual pharmacy into your prescription drug coverage is likely to resonate with Gen Z. They’re accustomed to having products and services delivered straight to their door, so receiving prescription medications by mail just makes sense to them. Additionally, it’s important to adjust the coverage provided in conventional extended health plans. For example, offering access to a broader array of paramedical practitioners beyond what’s typically included in a traditional plan is essential. Gen Z prefers seeing Chiropractors, Acupuncturists, and Dieticians.
Gen Z Wants Purpose, Not Just a Paycheck: Build a Thriving Workplace
Gen Z isn’t interested in just showing up and collecting a paycheck. They crave a purpose-driven work environment that fosters their growth, well-being, and love of collaboration. So, how do you attract and retain this talented generation?
Create a Culture of Learning and Growth: Offer a mix of benefits that cater to their desire for continuous learning and skill development. Think mentorship programs, skill-building workshops, and opportunities for career advancement. This keeps them engaged and constantly evolving, while also ensuring you have a future-proof workforce.
Align Work with Values: Gen Z wants to feel like their work makes a difference. Provide volunteer opportunities that resonate with their social and environmental concerns.
Gen Z: Work-Life Harmony + Tech-Powered Teams
For Gen Z, work isn’t just about the job, it’s about fitting seamlessly into their lives. That’s why flexible work arrangements are key – think adaptable hours and remote work options. This allows them to maintain a healthy work-life balance and pursue their passions outside of work.
Gen Z also thrives in collaboration. Foster a work environment that encourages open communication, teamwork, and a sense of community.
Financial Fitness for Gen Z
Financial stress is a major burden for Gen Z, with nearly half (48%) reporting it heavily impacts their mental well-being. To attract and retain this talented generation, employers can offer financial wellness programs that go beyond a paycheck.
Imagine offering tools for budgeting, debt management, and long-term financial planning. Add to that benefits like student loan repayment assistance, financial planning education, and accessible advice on saving and investing.
Gen Z and Mental Wellness: It Matters
Mental health is a top priority for Gen Z. Studies show that Gen Z workers have more mental health needs when compared to older generations, with over 75% saying they struggle with anxiety or depression. It’s clear: a healthy work environment is just as important as a paycheck for this generation.
Employers can meet these expectations by offering comprehensive mental health coverage, free counseling sessions, virtual and in-person counseling options, and grief support.
Gen Z Values Telehealth
Zoomers, the digital natives, have grown up in a world where convenience and efficiency are paramount. This translates directly into their expectations for healthcare. Telehealth benefits have become a must-have for employers looking to attract and retain this tech-savvy generation.
The Future of the Workplace
The key to engaging Gen Z lies in understanding their unique values, expectations, and preferences. It’s not just about incentives. Instead, the real task lies in shaping an employee value proposition that recognizes Gen Z’s individual aspirations, progressiveness, and the shifting employment landscape.
