Choosing the Right Benefits for Generation Z
Move over millennials — the next generation is entering the workplace. Born in the mid-1990s through the early 2000s, members of Generation Z are entering their 20s. As they enter the workplace, they’re continuing the trend of changing the office as we know it.
Before we get started, let’s talk about who Generation Z is. Common characteristics of this generation include:
- Media consumption: For Gen Z, the most common choice of media device is their smartphone. Gen Z use their smartphones an average of 15.4 hours per week.
- Brand choice: Unlike millennials, Gen Z prefer to choose the products they buy based on the user experience rather than the brand or product.
- Gen Z employees: Two of the main characteristics of Gen Z employees are that they are tech-savvy and they have an entrepreneurial bent.
- Marketing choices: When it comes to marketing, Gen Z users are drawn to innovative marketing techniques, such as short videos.
- Prioritizing creativity: Around 80% of Gen Z feel that it’s important to discover their creative abilities.
How Gen Z is Reshaping the Office
Because of their unique characteristics and attitude toward work, Gen Z employees are making an impact on the workplace. Recruiters and employers need to be able to adapt to this if they want to attract and retain people from this talent pool.
Gen Z workers have their own unique characteristics that are beginning to shape change in the workplace.
- Highly competitive: Unlike millennials, who enjoy working as part of a team, Gen Z employees are much more competitive. That’s not to say that they can’t be team players, but they really make the most of themselves when they are working on a project independently.
- Entrepreneurial nature: Although Gen Z employees are not old enough to have been affected by the big recession a decade ago, they do remember how hard it hit their parents. This has affected them in two significant ways: they are very practical when it comes down to finances, and they want secure employment. Almost 50% of Gen Z want to own their own company.
- Work flexibility: One characteristic that Gen Z shares with millennials is that they prefer flexible working hours, partially to accommodate a healthy work-life balance. They also don’t want to be tied down to working in an office, but enjoy working at home or wherever they want. However, they are prepared to put in the work to get what they want. 58% of Gen Z will accept working nights and weekends if the pay is higher.
- Digital natives: One thing that truly stands out about Gen Z is their compatibility with and depth of understanding of technology. And this is influencing their job choices. 80% of Gen Z want to use cutting-edge tech in their daily work, and 91% report that the availability of technology would influence their job choice.
- Space to work: When they are in the office, Gen Z employees prefer their own individual space rather than shared offices. This means employers need to draw a clear distinction between which workspaces are to be used for individual projects and which are community or conference rooms.
What Employee Benefits are Gen Z Looking For?
Gen Z can be described as a generation who asks for more because they are not afraid of reaching for what they feel they deserve in the work environment. When it comes to employee benefits, their desires are quite clear.
- Education/training options: Like millennials, Gen Z employees want opportunities to better themselves within their benefits package. They prefer employers who offer tuition reimbursement, training seminars, or mentoring opportunities. Gen Z is keen to jump on any chance to increase their chances of climbing the corporate ladder.
- Focus on mental/emotional health: Three in four Gen Z employees report that they have left their job because of mental health symptoms. This indicates a significant shift not only in awareness of mental health issues but in Gen Z’s desire to have a workplace and career that has a positive effect on their mental and emotional health.
- Financial help: Just about every Gen Z employee with a college education is burdened with student loan debt. Employers who offer Gen Z employees assistance with student loan repayment are definitely attractive to these young members of the workforce. Currently, only 4% of businesses offer this type of benefit, which means companies that offer this benefit will attract the best from this particular talent pool. Remembering that your employees’ financial well-being directly affects productivity in your business is important when putting together an employee benefits package.
- Lifestyle spending accounts (LSA): Also known as a wellness account, this type of account allows employees to make certain types of purchases for which they will be reimbursed from their LSA. Many employers use these accounts to encourage healthy behavior in their employees, so they may be used for things like fitness classes, gym memberships, or nutritional counseling.
- Employee loan solutions: Everyone experiences a financial emergency at some point in their life. It could be unexpected medical bills or car repairs – bills that need to be paid quickly. But Gen Z employees, who are just entering the workforce, may not have had the chance to accrue an emergency fund. This is why employee loan solutions are important to them – they know they can get financial help without having to resort to predatory lenders.
How TrueConnect Can Help
TrueConnect is a loan solution for employees who are suffering from financial hardship. A TrueConnect loan is a voluntary benefit that employers can make available to their workers at no cost to the company. It provides an affordable means of financial support and is a safe alternative to predatory lenders who feed off of those who struggle the hardest with loan repayment.
Employees may borrow up to $3,000 when they need assistance with financial emergencies such as emergency medical bills, car repairs, or mortgage/rent payments. An employee may apply for a TrueConnect loan using a simple online procedure without having to undergo any credit checks.
TrueConnect loans are easy to manage and can be paid back through simple paycheck deductions. This service allows employers a way to help employees in need while keeping them separated from their personal financial lives. TrueConnect also provides all borrowers with six free financial counseling sessions to help ensure their financial stability now and in the future.
Contact TrueConnect today and discuss your company’s options for the employee loan program. Let them help you make your company more attractive to the best in the Gen Z talent pool.