Benefits and Perks That Attract Gen Z Employees
Gen X introduced us to work-life balance, Millennials changed the way we communicate, and now Gen Z is starting to make their impact. Coming in fast, 17.1 million Gen Zers entered the labor market last year, and by the end of 2024, it’s expected that this generation will outnumber Baby Boomers in the workforce.
In today’s tight labor market, it’s never been more imperative for employers to understand the incoming generation’s motivations and concerns. While salary tops Gen Z’s list of employment “must-haves,” Monster’s most recent State of the Graduate survey found that these young job seekers also care about career advancement, workplace wellness, diversity and inclusion, and work-life balance. Below, we explored the top benefits and perks you can offer to help attract Gen Z talent.
Work-Life Balance
Behind salary, 58% of recent graduates said work-life balance is the most important aspect of a job. But this digitally savvy generation thinks of work-life balance differently than their Gen X counterparts, who grew up with workaholic Baby Boomer parents. For Gen Z, many either began their careers or were still in school when the world went remote during the Covid-19 pandemic. As they enter the workforce now, Gen Z understands perhaps better than anyone that many jobs can be performed outside of a traditional office environment or even within the confines of ‘9-5.’ In fact, almost 62% believe working full-time in an office is just as outdated as roll-down windows or floppy disks.
One of the best ways to attract Gen Z employees with the skills you need, especially in sectors where talent is scarce and offsite work is feasible, is to promote your open positions with a remote option. Considering 73% of recent grads said they would be more likely to apply for a job if the position allowed them to work remotely from anywhere, offering remote work can be an effective way to expand your talent pool and haul in Gen Z candidates. For businesses that are unable to allow employees to work fully remote, offering hybrid or flexible work schedules can help demonstrate to Gen Z that you are an employer who recognizes the changing needs of workers and the workplace.
Health Insurance and Wellness Benefits
Gen Z may be young, but they’ve already been through a lot in their young adult lives. From the Covid-19 pandemic to sky-high inflation, it’s no wonder this generation is reporting higher stress levels compared to any of their recent predecessors. But this generation isn’t going to just grit their teeth and bear it. They’re changing the conversation around mental health and actively seeking treatment for stress, anxiety, depression, or other mental health issues they may be dealing with — more so than any other generation.
When it comes to assembling benefits packages to attract Gen Z employees, offering mental health support is an expectation, not a nice-to-have. Focusing on robust healthcare benefits and workplace wellness practices can help assure young, prospective employees that you care about your workers’ wellness. This may include:
- A choice of robust healthcare and disability plans with low or no employee contributions and access to holistic health options
- Mental health benefits, including an employee assistance program that offers free or reduced-rate counseling sessions
- Fertility and adoption benefits and generous family leave policies
- Generous or unlimited paid time off, including self-care days
- Reduced-rate or free gym memberships
- Onsite or virtual yoga and meditation classes
- Seminars on stress reduction, nutrition, and self-care
Career Growth Opportunities
Unlike their Millennial job-hopping counterparts, Gen Z is motivated to find meaningful, long-lasting careers. While they may have a long way to go up the career ladder, Gen Z knows they won’t rise to the top unless they are given opportunities to acquire the skills needed for career advancement. For this reason, one of the most effective ways to attract Gen Z employees — and retain them — is to develop a robust employee training program that includes:
- Funding for professional certifications and seminars
- Membership in professional associations and conference attendance
- Subscriptions to industry blogs, podcasts, and newsletters
- Tuition reimbursement
Other ways you can signal your commitment to internal advancement is to sponsor a mentorship program or even cover the cost of annual career or life coaching sessions. Not only will a focus on cross-training and mentoring nurture a more skilled workforce, but it can also earn your employees’ loyalty and burnish your employer brand.
Investment and Financial Planning Benefits
It’s a long way until retirement for Gen Z, but that’s not stopping them from prioritizing their long-term finances, even as they manage high levels of student debt and an increasing cost of living. In fact, despite all this, Gen Z has saved almost three times the amount Gen X households had saved when they were the same age.
When it comes to finding employment, it’s clear that Gen Z will do just about anything to feel secure, whether it means working multiple jobs or turning down job offers with insufficient salaries. As an employer, you can appeal to their desire for long-term financial security by offering generous incentives, such as:
- Student loan assistance
- 401(k) matching funds
- Seminars on financial literacy, debt reduction, investing, and retirement planning
Diversity, Equity, and Inclusion
Gen Z is the most diverse generation to enter the workforce yet. They are savvy about topics relating to diversity, equity, and inclusion (DEI) and can easily discern between empty statements about DEI efforts that never gain traction and sincere investments that support and value employees with a wide range of life experiences.
One of the most effective ways to attract Gen Z employees is to be as transparent as possible about your industry’s — and even your company’s — efforts and obstacles when it comes to parity in hiring and advancement for traditionally underrepresented groups. Soliciting input from this younger and more diverse employee cohort, along with investing in proven strategies, such as employee interest groups (EIGs), can help you outpace your competitors in the quest for Gen Z’s top performers.
Attract Gen Z Talent to Your Workforce
The best way to attract Gen Z employees with the skills you need to grow your business is to understand their motivations and offer the benefits they’re looking for in their next (or first) workplace. From messaging to outreach, Monster can help you better engage with Gen Z across platforms, sites, and devices, giving you an edge in recruitment and retention. Learn more about Monster’s Workforce Management and Planning Solutions today.