More than three-quarters of Gen Z employees have considered moving jobs in the last six months for better wellbeing benefits and support, confirmed new research.
According to the survey from the global benefits and rewards platform Perkbox, of 2,000 employees born between 1997-2004 (Generation Z), 79% have considered leaving their employer; with around one in five (21%) wanting to move jobs for a better benefits package.
The majority of Gen Z employees are particularly seeking greater wellbeing support from their employer. Three-quarters (75%) want financial wellbeing support; while 70% and 76% want their organisation to help take care of their mental and physical health, respectively.
Employers must re-evaluate their reward and benefits offering to ensure they are providing wellbeing support and benefits highly prized by the newest entrants to the jobs market. However, Perkbox is cautioning employers against viewing Gen Z as a homogenous group. Almost nine in 10 (87%) Gen Z employees want their benefits to be tailored to them as individuals; while almost a fifth (18%) would even move to a lower paying job in exchange for a greater variety of benefits.
WELLBEING SUPPORT & COMMUNITY
In addition to craving greater wellbeing support, Gen Z employees are seeking a sense of community and strong working relationships too. In fact, they view networking and relationship building as critical to their ongoing development and satisfaction; with 93% of Gen Z employees believing their employer can do more to strengthen relationships across the business.
Fortunately for HR leaders, many are clear on what they want to see from their employers. This includes:
- More social events (in-person or virtual) (35%)
- Team building initiatives (35%)
- Better internal communication (31%)
BORDERLESS JOB MARKET
“Gen Z workers have clear expectations of what they want from their employers; and businesses cannot afford to underestimate these if they want to remain attractive to this growing section of the employment market,” stated Gautam Sahgal, CEO of Perkbox. “This is the first generation to enter a world of work that is increasingly borderless ; with colleagues working remotely in locations around the globe. As such, HR leaders must ensure their business creates a strong sense of company culture and unity for its people, wherever they may be; so that everyone has the opportunity to build the relationships that are integral to productivity and company morale.”
The good news for companies “is that Gen Z has already been clear in what it is looking for; whether that’s greater wellbeing support, a greater variety of tailored benefits or more opportunities to connect with colleagues”, added Sahgal. “It is now up to business leaders to ensure this is reflected in rewards, benefits and recognition offerings if they’re to attract and retain the best and brightest of Gen Z talent.”
Another recent study revealed that three quarters of Gen Zers highly value workplaces that care about diversity, equity and inclusion, mental health and flexibility. Click here to read more.
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