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A survey of more than 8,000 employees found that Gen Z employees lean towards having individualised, tailored benefits, and a wider selection of available rewards.
Gen Z is introducing an unprecedented level of digital expertise and a natural inclination for global thinking into the workplace.
With Gen Z poised to constitute a third of the workforce within the next two years, it's important that organisations take proactive measures to both attract and retain its' future employees.
A Benify report surveyed more than 8,000 employees from eight different countries, including 917 Gen Z workers, and revealed that the top benefits that Gen Z employees seek are paid leave & flexible hours, work-life balance, and mental health support.
The survey was conducted in Denmark, France, Germany, Italy, Poland, Spain, The Netherlands and UK by the YouGov analysis institute on behalf of Benify, between 20 December 2022 - 9 January 2023.
*While the data is based on findings in Europe and the UK, HRO believes it remains relevant to our readers in Asia.
Here is the list of the top 10 benefits that the younger generation seek from organisations as they step into the workforce:
- Leave & working hours (e.g., flexibility)
- Work-life balance benefits
- Pension
- Healthcare benefits
- Skill development benefits
- Mobility benefits (e.g., cars, bicycles, public transport)
- Insurance benefits
- Mental wellbeing (e.g., mindfulness, online therapy)
- Company-specific benefits
- Financial wellbeing (e.g., loans, insurance)
According to the survey, the two most important benefits according to Gen Z are leave & working hours, and work-life balance.
Additionally, Gen Z are more inclined to engage in discussions encircling mental health.
Citing the survey, a research conducted by the Society for Human Resource Management (SHRM) revealed that 61% of Gen Z respondents would consider switching jobs if they were presented with an opportunity that provided an improved focus on mental health.
Further, hoping to attract and retain the younger generation talent pool must ensure a holistic EVP that caters to the needs and aspirations of individuals.
Gen Z want flexible and customised benefits
The survey found that Gen Z employees would rather have individualised, tailored benefits, and a wider selection of available rewards.
As for benefits not currently received, Gen Z would prefer leave, flexible work hours, and benefits supporting work-life balance, but these are often lacking in their current employment packages.
They also highly value perks related to food & beverages, and discounts for private consumption. Mobility benefits are important to them as well.
What Gen Z want in an employer
Generation Z expressed in the survey findings that they have a stronger sense of belonging compared to their elders.
They also want to work for an employer who is progressive — i.e., sone who will adapt to changes in the labour market. Such an employer will encourage a strong corporate culture, recognise the importance of keeping sustainable, and prioritises employee satisfaction, engagement, and wellbeing.
According to the report, 43% of workers believe that a company’s mission, purpose, and values are essential, compared to 39% of the wider population.
READ MORE: Is TikTok costing Gen Z their careers?
Lead image / 123RF
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