Reaching Gen Z employees with your employee benefitsAs the population grows older and a new cohort enters the working world, businesses need to adapt the employee benefits they offer to attract the right kind of talent. It’s not enough just to offer employee health insurance - you’ll need to target features that are specifically appealing to this new generation of workers. Read on to understand how to attract Gen Z employees, as well as which types of employee benefits stand out in a competitive market.
Who are Generation Z and what do they want?
Generation Z are the successors to Millennials, and are the newest additions to the workforce. Born in the middle of the 1990s up to the early 2010s, this group of individuals have different ideas to their predecessors about what they want from workplaces.
Gen Z employees are:
Internet and social media-savvy
Having grown up in the age of the Internet, Generation Z are accustomed to searching the web for information. They have a wealth of information at their fingertips - and they’ll look for details before getting involved in a new job.
Socially and environmentally conscious
Gen Z is highly concerned about the environment, and this conscious attitude extends to the workplace. Around 64% of Gen Z employees say it is vital for employers to take action on environmental problems. Almost two in five Gen Z employees rejected a job because it did not align with their values.
Looking for an enjoyable work culture
65% of Generation Z employees between the ages of 18 and 24 are seeking a “fun” working culture to join. Given that much of our waking lives are spent at work, Gen Z are looking for an enjoyable place to work.
Realistic about their current situation and the future
Gen Z are cognizant of what’s going on in the world, and are sensible about their situation and their future. Around 65% percent of Gen Z individuals surveyed by McKinsey said they prefer knowing what is going on around them, and being in control of the situation.
Looking for authenticity
Being authentic to values and to themselves is very important for Gen Z - 92% indicated to EY that being authentic and true to themselves is extremely or very important.
Interested in their own development
About 31% of Gen Z employees who are not receiving workplace training are likely to move jobs. Work is about growth and progression for Gen Z, not just a paycheck.
Keen to know more about employee benefits
Gen Z employees are more interested in employee benefits or perks than previous generations. Around 36% of Gen Z say that the employee benefits offered influences their decision to choose one job over another, more than any other age group.
Top employee benefits to offer Gen Z employees
Company group health insurance with extras
Personal wellbeing is important to this generation of the workforce, particularly when it comes to mental health. Corporate health insurance is always an attractive benefit, but to be the most appealing to this generation, there will also have to be a focus on mental health and wellness programs as well.
Employee health insurance is important the world over, but it’s particularly key for Gen Z. According to MetLife’s 20th Annual U.S. Employee Benefit Trends Study (2022), 82% of Gen Z employees see corporate medical insurance as a “must have”. Globally, 70% said health insurance was their top workplace “must-have” employee benefit.
(Fig. 1: Gen Z priorization employee benefits, source: https://www.metlife.com/employee-benefit-trends/)
However, company health insurance has to be more comprehensive than ever before. Critical illness coverage, preventative health screening, mental health care provisions and regular checkups are just some of the perks that Gen Z will be looking for in the corporate health insurance package you provide.
To appeal to Gen Z, you’ll need to make sure your corporate group health insurance is comprehensive for their needs. Offer more than just the basics and target mental health more in-depth for an appealing package.
Flexible work for a better work-life balance
According to Deloitte, around 49% of Gen Zs currently work remotely for some of the time. Key concerns are saving money, having time to do things they care about, and spending more time with family.
Particularly after the global COVID-19 pandemic, offering flexible working as an employee benefit is not just a nice-to-have. It’s a necessary offer - having flexibility around when and where they work is critical for 81% of Gen Z employees.
To attract Gen Z employees, give them flexible working opportunities. Make it clear that the work on offer should be part of their life, not their entire life, and that your workplace supports their needs.
Coverage for the unexpected and the inevitable
With their focus on the reality of their situation and being in control of their futures, Gen Z are looking for stability. Planning for the future with a pension gives them peace of mind, and offering coverage for unexpected events such as disability or death ensures that they do not have to worry about themselves or their loved ones in a difficult situation.
To give Gen Z more control over their lives, offer them a corporate insurance policy for employees that covers everything they might need. They will appreciate knowing their futures are taken care of, and the unexpected is planned for.
Other key employee benefits to offer
Make sure you have made your offering clear on your digital platforms. They are more likely to research their potential workplace and its employee benefits perks beforehand.
Align your employee benefits with your values. Provide time off for volunteering for local causes and demonstrate your support for key causes to win over potential Gen Z employees.
Encourage a communal and relaxed environment.
Provide opportunities for individuals to express themselves with a relaxed dress code, and create communal spaces that are welcoming for everyone.
Use ASN-WEB to offer the best benefits package to Gen Z
Generation Z are a conscientious group of individuals, and multinational businesses will need to adapt their offering to get the best employees in this time of high demand.
To ensure your business can keep up with the new insurable employee benefits demands of a global and mobile workforce, use the ASN-WEB Employee Benefits Dashboard, designed to flex to your needs.
“We developed the ASN-WEB EB Dashboard with decades of experience helping multinational business’ HR and Finance teams to manage complex benefits landscapes on an HQ level, enabling better decision making,” says Balazs Kaposvari, one of our in-house insurable Employee Benefits experts. “We then help to create insurable employee benefits options that appeal to all types of employees with a system that can scale and flex as each business needs.”
The ASN-WEB EB Dashboard is an all-in-one solution that takes all of ASN’s years of international employee benefits expertise and condenses it into a simple-to-use system.
The tool provides:
|Insurable Employee Benefits optimization options
Worldwide corporate insurance brokerage
Global policy set-up and administration
Renewal support and revision options
In-depth data acquisition and management on centralized dashboards
Easy-to-understand claims and multinational pooling results
Virtual pooling set up and management
Reduce the effort and cost of meeting new employee needs with our user-friendly, customizable platform. We will connect you to our trusted partner network, including leading insurers from over 40 countries, to ensure you give Gen Z exactly what they’re looking for.
Get in touch with us now to find out how we can give you:
- Employee Benefits plan management
- Better control over Employee Benefits-related costs
- Consistent reports with comparable data
- Customisable multinational pooling
- Trusted connections to leading insurance providers