By According to a survey conducted among over 8,000 workers, Gen Z workers prefer more individualized and customized benefits as well as a greater range of incentives.
Gen Z is bringing to the workplace a level of digital proficiency never seen before as well as an innate propensity for global thinking.
It’s critical that businesses take proactive steps to both attract and retain Gen Z workers, who are expected to make up a third of the workforce over the next two years.
More than 8,000 employees from eight different countries were questioned for a Benify report, which included 917 Gen Z workers. The results showed that paid vacation and flexible hours, work-life balance, and mental health support are the top benefits that Gen Z employees want.
On behalf of Benify, the YouGov analysis institute conducted the study in Denmark, France, Germany, Italy, Poland, Spain, The Netherlands, and the United Kingdom from December 20, 2022, to January 9, 2023.
*Although the data is based on research conducted in Europe and the UK, HRO thinks that readers in Asia can still benefit from it.
The following is a summary of the top ten advantages that the younger generation looks for when they join the workforce:
- Vacation time and work schedule (e.g., flexibility)
- Benefits of work-life balance
- Pension
- Advantages for healthcare
- Benefits of skill development
- Advantages of mobility (e.g., cars, bicycles, public transportation)
- Advantages of insurance
- Mental health (mindfulness, internet counseling, etc.)
- Benefits particular to the company
- Financial stability (loans, insurance, etc.)
The survey indicates that work-life balance and leave and working hours rank as Gen Z’s two most valued perks.
Furthermore, Gen Z is more likely to participate in conversations about mental health.
According to a study by the Society for Human Resource Management (SHRM), which cited the survey, 61% of Gen Z respondents said they would think about changing employment if they were given the chance to work somewhere with a stronger emphasis on mental health.
Additionally, in order to draw in and keep the talent pool of younger generations, an all-encompassing EVP that meets each person’s objectives and goals must be provided.
Gen Z is looking for customized and adaptable benefits
According to the report, Gen Z workers would prefer more options for rewards and more individualized, customized perks.
Regarding advantages not already provided, Gen Z would prefer flexible work schedules, paid time off, and work-life benefits; yet, these are frequently absent from their current employment packages.
In addition, they place a high importance on discounts for personal use and benefits pertaining to food and drink. For them, mobility benefits are also crucial.
What Gen Z looks for in a company
In comparison to their elders, Generation Z reported in the survey results that they felt more a part of the community.
Additionally, they want to work for progressive employers—that is, ones who can adjust to shifts in the labor market. Such an employer will place a high value on employee wellbeing, engagement, and satisfaction; they will also support a strong corporate culture.
The survey states that, in contrast to 39% of the general public, 43% of employees think that a company’s mission, purpose, and values are crucial.
