Gen Z students are graduating into what could be one of the best job markets we’ve seen in years. And while low unemployment is good for the economy, it also puts undue pressure on businesses to revamp their traditional benefits and compensation packages to attract top talent. Many firms are already adapting to the unique quirks and traits of Gen Z students, such as free on-site food, remote work, and corporate wellness programs, among others. So which perks and benefits should you invest in 2020 to hire Gen Z talent?
1. Growth Opportunities
Most Gen Z workers are after one goal: growth. They will most probably get hired into entry-level positions, but they don’t want to get stuck there. A study conducted by Ernst and Young on over 1600 Gen Z students found that the most important factor to workers was growth opportunities further down the road. A few examples include being able to work alongside senior level employees.
Reimbursing the tuition fees to acquire advanced degrees to incentivize employees to keep learning also works.
2. Help with Student Loans
It is no secret that student loans have become quite an epidemic in the US as a whole, with debt reaching an all time high of $1.14 trillion this year. Employers can chip in and repay part of the student loan as an employee benefit. Most Gen Z graduates will be drowning in debts. If repaying debt is too big a leap for your firm, you could help in other ways that resonate best with Gen Z, these include:
- Providing a financial planner that gives guidance on debt consolidation and creating an emergency savings account
- Giving employees the ability to pay off student loans through the payroll in an automated process
- Online services that select and evaluate loan repayment options
3. Employee Transportation
Companies that grant employee transportation to their workers are able to gain several advantages. These include being able to minimize payroll taxes, expanding work hours, attracting new employees, and of course, saving the planet since fewer people are using their cars. Companies like Google and Apple are already creating precedence for other businesses to copy and follow.
4. Flexible Work Policies
Unlike the previous generations, Gen Z workers prioritize their work-life balance and understand the importance of spending time at home instead of at the office. This can be done through work-from-home policies and unlimited vacation days. Thanks to the interconnectivity brought about by the internet, it is entirely possible to complete some assignments from home without sacrificing productivity.
5. Paid Volunteering Work
Gen Z workers feel a sense of obligation to their community and want to give as much back as they reasonably can. Plus, it doesn’t hurt making some money while they help those around them. This is where paid volunteering opportunities come in. Companies that treat social work as a corporate responsibility attract Gen Z employees.
Want to evaluate your existing benefits program to ensure it is ready for 2020 and beyond? Get in touch with our team at JS Benefits Group for consultation today!
