The latest demographic to join the workforce has very different expectations from previous generations. In fact, nearly three-quarters are already saying that they’ve left a job because it wasn’t what they were expecting!
Having grown up in an economic downturn, Gen Z (those born between 1995 and 2005) are savers rather than spenders and cautious about taking risk. But while they might have experienced financial difficulties, they are used to having all the information they could possibly need at their fingertips – they have never known a world without mobile phones.
Brett Hill, distribution director, Towergate Health & Protection says: “Each new demographic not only brings different skills and ideas, but new expectations and ways of working, putting employers in the uniquely challenging position of adapting to an unknown generation of workers.
“As Generation Z enters the workforce, they are looking for an environment that is dynamic, social and helps support their physical, financial and mental health and wellbeing,” Hill adds.
Many workplaces now employ five different generations of employees with very differing benefits needs and whilst everyone is an individual and it’s important not to generalise too much by age group, one size definitely doesn’t fit all any more when it comes to benefits strategy.
The new generation definitely have their own views on what benefits are meaningful to them, so now might be a good time to consider an audit of what your company offers and ask whether it really will attract and retain your youngest workers.
If you want to develop and / or expand your employee benefits strategy, please talk to us at Brunsdon Financial.
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