Generation Z refers to anyone born between 1997 and 2012. As recent college graduates enter the workforce, employee benefits can be a deal breaker in accepting a job position. Over time, employee benefits have progressed and have become a motivator for employees, with Gen Z candidates looking for more and more support, flexibility and freedom. Below Unity Insurance outlines what many Gen-Z jobseekers are looking for in a new employer.
Personal and Professional Development
An important aspect of a career includes personal and professional development. When accepting a job offer, Gen-Z will ask about the company’s opportunities for growth. They want to ensure that they have the capability to move up within the company and enhance fundamental skills towards improving their abilities to perform their job as efficiently as possible. Training programs, seminars and conferences, certification courses and workshops are all great resources that a company can offer to grow professionally.
Student loan debt is undeniably a substantial burden for many recent graduates. According to the Society of Human Resource Management, in 2019 only 8% of employers helped with loan repayment. Recent graduates are not looking to finance into their future, they are looking to pay off their debt rather than putting money into a 401k. As a company, if you are not interested in providing student loan repayment, you have the option to offer financing resources that your new employees can utilize. Offering disability insurance is another great value of financial support. As a young adult, many do not understand the repercussions of being put out of work due to an illness or injury and how disability insurance may save them financially. The other financial benefits that Gen-Z employees may look for include parking, public transportation, the option to work remotely and an informal dress code.
For a generation that grew up on cell phones, online benefits are more appealing to Gen-Z. For example, identity theft protection such as LifeLock or Identity Guard, telemedicine (Teladoc or MeMD), online mental health counseling (BetterHelp or Talkspace) and employee rewards programs like Kazoo or Bonusly. These virtual benefits are enticing to Gen-Z because they are conveniently accessible at the touch of a button.
Employers can make taxed contributions on behalf of their workers through Lifestyle Spending Accounts. The purpose of lifestyle benefits is you set the annual amount, and your employees decide how they wish to spend it, then at the end of the year you only pay what was used of the amount. These benefits include pet insurance, gym memberships, insurance, travel & entertainment, charitable donations, home repair services, wellness services and more.
Consider Unity Insurance For Your Employee Benefits
Finding the right benefit plan that fits your employees expectations and your budget may be complex. The qualified and experienced benefits specialists at Unity Insurance are able to help you curate the perfect benefits plans based on your employees preferences and within the company budget. Contact Unity Insurance today to learn more about Employee Benefits.