How to tailor an employee benefits package for Generation Z

 

August 15, 2019
 
Generation Z are the generation following millennials. They were born between the mid-1990s and the mid-2000’s. They are digital natives, born into a world with the Internet and smart phones. Older members of this generation have now completed college and are entering the workforce.

 
  • Generation Z share some of the characteristics of their millennial counterparts including:
  • Tech ability
  • Social responsibility
  • Socialising through digital


  • However, there are also important ways in which they are different. Human Resource Managers need to be aware of what is important to Generation Z:


  • Flexible working environment:
  •  
  • Generation Z are more in touch with when they are most productive and want to be able to work in-line with their own body clocks. Rather than seeking work/life balance, they want to integrate work into their lives.


  • Career advancement:

  • Progression matters to this new generation. Generation Z are willing to work for their living but they expect to be rewarded with more responsibility. If they remain stuck for too long, they are likely to take their skills elsewhere.


  • Satisfaction of immediate concerns:

  • Many members of Generation Z were children during the global recession in 2008. They may have seen their parents struggle financially and so immediate finances are a concern for them.


  • Mental health and wellness:

  • The Gen Z generation experience less stigma associated with mental health than previous generations. They are more likely to look for help to combat stress and other common mental health problems.


     

If you are a global HR manager here are some of the employee benefits the next generation of employee will appreciate:
 

Flexible Working Hours:

If possible, allow Generation Z employees to work where and when suits them best. While many global businesses have remote working policies, fewer encourage employees to work at the times they are most productive.


Professional Development:

Encourage and facilitate this new cohort of employees to upskill. Try to be cognisant of how this generation prefer to learn. Self directed micro-learning suits Generation Z better than many L&D programmes often allow. There are many micro-learning platforms on the market that will make this easy to achieve.


Mentor Programme:

Research by Deloitte showed that Generation Z also seek out mentorships to fast track their career progression. If your company already has a mentoring programme, then you may well be one step ahead.


Employee Assistance:

To address the wellbeing needs of this generation, include an employee assistance programme as part of your employee benefits. This will allow them to access the support they need during periods of stress or difficult life events. If you are managing expat employees, there are expat assistance programmes linked to international health insurance that offer similar supports.


Lifestyle Benefits:

Lifestyle benefits like discounted gym membership, team building, or free snacks are also important to this upcoming generation.