Your younger employees want more than just fun, recognition, and good work-life balance at the workplace.
According to the latest survey from Zippia, the most desired benefits of Gen Z (ages 18-25) are health insurance, remote work, and 401k/retirement benefits.
Surprisingly, employees of all ages desired these benefits most.
Zippia Generation Z Job Seeker Report 2020
When it comes to the three most desired benefits, Gen Z is no different than any other generation.
The most desired benefits that Gen Z wants are health insurance (32%), remote work (25%), and 401k/retirement benefits(25%).
Other benefits that Gen Z desires include a flexible work environment, job title, fun office, student loan assistance, etc.
The Pew Research Center notes that Generation Z is the most highly educated generation yet. Needless to say, high education often costs money.
So there is no surprise that Gen Zers are 7% more likely than millennials to rate student loan assistance as the most desired benefit.
Unlike millennials, Gen Zers have never known the world without social media. So, in addition to job sites, Gen Z rely on social media and friends to search for a job.
If you want to hire the brightest Gen Zers, you need to build a good social media presence and encourage your own employees to refer job candidates to you. Attractive referral bonuses can do the trick here.
When Gen Zers search for a job, they give emphasis on a friendly, pleasant work environment,
In fact, 60% Gen Zers accepted to turn down a job offer if they found the interview process unwelcoming, reported the study.
Also, they are not fans of cubicles and open offices. 59% of Gen Zers would like to work remotely or in a private office.
When it comes to learning new skills, this new generation is way ahead than other generations. 93% of Gen Z workers spend their own time on upskilling to advance their careers.
Therefore, having good mentorship programs can help your small business to attract and retain Gen Zers.
Deal Breakers for Gen Z
Gen Zers think that it is ok to stay at a job for less time. 31% of Gen Z workers believe that it is ok to leave a job in less than one year.
However, only 20% of millennials are in favor of leaving a job in less than one year.
As a small business owner, you need to know what it takes to hire and retain Gen Zers.
The study reported the following deal-breakers for Gen Z workers:
- 1-in-3 Gen Zers wouldn’t join the company due to its negative social impact
- Gen Zers would turn down an offer due to inflexible work environment, long commute, and an unpleasant office
- 36% of Gen Zers reported poor work-life balance as a deal-breaker
- Lack of advancement opportunities can sway Gen Zers’ minds to exit the company
Kathy Morris, marketing manager, Zippia, writes, “Gen Z may be young, but they have big goals. 31% of Gen Z workers left their last jobs due to lack of advancement opportunities,
“While young workers are leaving jobs for better opportunities, they are not leaving their professional development on the job. 93% of Gen Z workers send their own time learning new skills to advance their career- more than any other generation. An impressive 31% dedicate time daily to learning new career skills…,” She added.
Key Takeaway for Your Small Business
Gen Z is going to flood the workplace. This new generation prefers health insurance, remote working, retirement benefits more than anything.
Being a small business owner, you should pay close attention to what Gen Z workers want. And what makes them turn down a job offer.
Without understanding Gen Zers’ expectations, it will be difficult to hire and retain workers from this new, different generation.
About the Survey
Zippia commissioned the survey to get insights into what Gen Z job seekers are searching for in the workplace. The survey included 1,000 American job seekers, and they were asked questions about their job searching outlook and behaviors.
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Was this survey taken pre-COVID or post-COVID? I wonder if the remote work percentage will be different.
I also believe so, Robert. More Gen Zers will opt for remote working now.