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How to support the younger generation in the workplace

How To Support The Younger Generation In The Workplace

As younger generations increasingly make up the workforce – we’re talking 18-34 years of age here! – it’s important to look after their needs.

Fifty-seven percent of the younger demographic say benefits packages are the most important thing they look for in employment, according to a recent survey from Zest.

And 62% said they would leave their current job if the benefits were a better fit elsewhere.

The stakes are high!

In this blog, we delve deeper into the research provided from Zest and explore how businesses can meet the needs of younger workers.

Need help finding the right employee benefits for the whole workforce? Get in touch with our friendly consultants on 01273 222805 or email [email protected].

Health and wealth matters for Gen Z and Millennials

“While low pay is a problem for all ages, it is perhaps most felt by those at the start of their working careers, so it is no surprise that younger workers have been more appreciative of employee benefits that have provided practical – or even financial – support during the cost of living crisis.”

Steve Herbert, HR commentator.

Steve’s view is backed up by Zest’s research that revealed how employee benefits provided a vital lifeline during the cost of living crisis for 14% of 18-34 year-olds.

A study from Lifesum uncovered how 47% of Gen Z and Millennials would leave their current jobs for one that better supported their health and wellbeing.

Many of these employees are now looking for support that goes beyond the workplace. So, it is clear that employee benefits play a key role in attracting and retaining talent.

What do the younger generation want, and why?

Zest’s research outlined the most desired employee benefits for employees aged between 18-34 years old. They were:

  • Increased pension contributions 27%
  • Private Medical Insurance 26%
  • Paid mental health leave 24%
  • Employer contribution to energy costs at home 21%
  • Discounts on high street shops 20%
  • Workplace savings schemes 20%

As you can see, there’s an even spread of needs!

Gen Z and Millennials are also wanting flexibility in how they work and the benefits provided to them. Seventy-one percent of workers consider flexible working important when considering a new role, seeing it as a way to cut costs, support their mental wellbeing and improve productivity.

The younger workforce has upped the ante in terms of employer support. It requires a deep think about how they work, the support they require and what they want from their jobs.

Not sure where to start with employee benefits? Reach out to one of our friendly expert brokers, ready to answer all your questions. We’ll provide quotes tailored to the specific needs of your business, FREE of charge. Email [email protected] or call 01273 222805.

Get to know your workforce

While a majority of the workforce is now made up of the younger generations, your employee benefits plan must cater for staff of all ages.

So, how do you figure out what staff want and expect from you as an employer?

A few ideas:

  • Create surveys to gauge employee demand
  • Host one-to-one meetings
  • Host group meetings
  • Benchmark your benefits against competitors in your industry

Matt Russel, CEO at Zest, explored the challenge of addressing the needs of a diverse workforce:

“It is not simply about the amount invested in packages – employers need to ensure that the benefits on offer are relevant to their workforce, personalised to what they need and communicated clearly at the right time to those most likely to use a specific option. This approach will not only boost engagement with benefits but also offer enhanced value for money for both employer and employee.”

5 tips to take away

#1 Find out what your staff want through surveys or via group meetings

#2 If you have a digital benefits platform in place, check usage rates

#3 Balance out the key areas of demand:

#4 Understand the tools, technologies and products available to help support your staff in the above ways

#5 Employ the free services provided by an employee benefits broker, like Hooray, to learn more about all the different policies available and how they can serve a range of needs

At Hooray, we talk you through all options available in the market. Our award-winning advice comes at no extra cost to your business. Whether you’re considering launching an employee benefits scheme for the first time, or want to review the current one you have in place, we can help.

Contact us at [email protected] or call 01273 222805 for FREE one-to-one advice and support.

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