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Company benefits are an important point of attraction for job seekers. To develop a young and supported workforce, organizations can develop a benefits package with Millennial and Gen Z employees in mind. With transparency and diverse ideas, leaders can find ways to best help their team members.
Who Are Millennial and Gen Z Employees?
Millennials include those who were born between 1981 and 1996. Following them is Generation Z, or Gen Z, whose members were born between 1997 and 2012. These two groups make up the youngest workers and job seekers. In professional settings, both generations value positive support, inclusion, honest communication, and flexibility. As more Gen Z job seekers enter the workforce, these younger generations are taking up more and more space. Given their growth, it’s important for organizations to support employees of these generations.
13 Benefits Millennial and Gen Z Employees Seek
While respecting what a company can afford, management can prioritize benefits that their Millennial and Gen Z team members value most. By getting to know their staff, leaders can create the most supportive benefits for their people and business. The following ideas outline which company benefits younger generations look for.
1. Wellness Support
Improved employee health is crucial to productivity and engagement. Additionally, younger employees greatly value their well-being and appreciate company initiatives that support this aspect of their lives. To bring this to life for a business, management can offer wellness stipends or organize classes on stress management, nutrition, and more. In the following infographic an overview of corporate wellness benefits can be seen.
Benefits of a corporate wellness program.© cristaux.com
2. Health Insurance
Affordable health care plans help staff ensure wellness and stress management. By covering some or all costs of employee health care, leaders protect the well-being of their team. Staff are less likely to come to work sick and possibly infect others. Also, people can get the help they need to recover quickly and prevent major health scares.
3. Professional Development Opportunities
Professional development is fully sought after by Millennials and members of Gen Z. Both generations seek out employers who support their career growth and passions. Different opportunities for professional development include helping employees continue their education, organizing topical training, and attending conferences.
4. Promotions
Career advancement is crucial to preventing employees from feeling stagnant or bored. Also, it helps to hire and promote from inside an organization because companies can save on onboarding. However, if a business has no higher position available, then they can allow deserving employees to select new projects or top-tier clients. Essentially, companies have many ways to help team members design the jobs they dream of.
5. Competitive Pay
Employees work hard to earn a living, so they should be justly rewarded with competitive pay. Advantageous salaries and wages help reduce financial stress for staff. Team members can be more focused on their work and not worried about paying bills or providing for themselves and their loved ones. Also, respectable pay reflects how leaders appreciate their employees’ achievements.
6. Work-Life Balance
A healthy lifestyle helps improve all aspects of a person’s life. A balance of work and personal time is important for Millennial and Gen Z employees. Business leaders can help staff develop more fulfilling and well-rounded lives. For instance, companies can develop clear boundaries and policies to encourage no working after hours.
7. Financial Assistance
Financial literacy helps people make better decisions with their money. At work, management can organize financial aid programs to empower employees. Cultivating financial wellness helps staff feel more confident. Examples of employee financial services include debt repayment plans, budgeting and developing healthy spending habits.
8. Family Benefits
Every family is different. While some Millennial and Gen Z parents are raising young children, others may be taking care of other family members. Regardless of what families may look like, organizations can help their team members by supplying childcare services, paid family leave, and more.
9. Retirement Plans
Young job seekers want to be prepared for their future, so they are highly interested in comprehensible retirement plans. Employees will take advantage of beneficial options to start investing in their post-career goals. For example, 401(k) plans and employer matching funds can greatly support staff.
10. Paid Time Off
By offering team members paid time off, employers prioritize staff well-being and health. Paid time off allows employees to recover from sickness, attend important events, and do more without losing pay. Additionally, management can set parameters or instill unlimited paid time off policies.
11. Recognition Efforts
Positive feedback and reinforcement are important to Millennials and members of Gen Z. Appreciation and recognition programs can help create a company culture of positivity. Whether celebrating employee work anniversaries or encouraging peer-to-peer recognition, these initiatives inspire staff members to work hard and achieve more.
12. Teamwork
Younger employees enjoy chances to show their creativity and unique mindsets. Team-based projects help develop interpersonal communication and collaboration skills. Also, organizing group or department contests can help motivate employees and develop healthy workplace competitions.
13. Flexible Schedules
Flexibility is a core value for Millennials and Gen Z employees. Deciding when and where to work is a great perk for them. Also, flexible schedules help employees create times for them to best focus and engage in their work. Productivity and performance can improve with autonomy and trust.
Support Millennial and Gen Z Employees
Company benefits help Millennial and Gen Z team members grow and develop impactful careers. By supporting internal staff members, leaders can find great success for their organizations.
Author Bio
Rachel Harmon is a content writer for Cristaux International – a Chicago-based manufacturing company specializing in awards, gifts, and trophies. As part of a dedicated team, she works hard to develop strategic content. Her work elevates the Cristaux brand and utilizes the digital and human elements of marketing.
Photo by Annie Spratt on Unsplash