Millennials and Generation Z (“Gen Z”), currently make up nearly half of the workforce, and this is only expected to grow; by 2025, it’s estimated that three quarters of the global workforce will be made up of Millennials, and Gen Z aren’t far behind. With the next generation of the workforce evolving, employers need to be asking: What do our younger workers want from the workplace, and how can we attract and retain the best and brightest?
This question becomes even more essential when you consider that Millenials and Gen Z are widely known as “job-hoppers”. These two groups are changing jobs more now than in any generation before. 1 in 5 of Millennials report switching jobs in the last year alone, while 40% of Gen Z and 24% of millennials would like to leave their jobs within the next two years.
Millennials include those who were born between 1981 and 1996, while Gen Z includes those who were born between 1996 and 2010, making them the latest and youngest wave of young professionals entering the workforce. So what do these generations want? And how can your company stay competitive, especially when it comes to attracting and retaining the highest-performing young professionals?
Here we’ll take a look at the top 3 things these generations look for and value in an employer, and how your company can meet their number one need by supporting their well-being.
What Millennials And Gen Z Want
In 2018, Gen Z and Millennials were asked what they look for most in an employer and their answers were surprisingly similar:
1. Gen Z and Millennials want inclusivity, diversity and equity in the workplace
Gen Z and Millenials are more diverse than previous generations, with 48% of Gen Z identifying as ethnicities other than caucasion1, making them the most diverse generation to date. They’ve grown up in a society that has increasingly recognised, celebrated and valued diversity, inclusivity, and equity and they desire this in their workplace as well – seeing it as a core part of their identity.
Inclusivity, diversity and equity are also values that are becoming an increasing priority for business leaders, who are getting on board to create work environments that enable Millenials and Gen Z to feel that their unique attributes, experiences and contributions are appreciated and respected, and that they are valued for who they are.
This means that for businesses, it’s essential to put in explicit strategies and develop workplace cultures that create respect and recognition for differences in all directions and at all levels, from employers to employees, within policies and systems, amongst staff morale, and as modelled by leaders.
2. Gen Z and millennials want trustworthy and ethical leaders
Trust is a key component of what Millennials and Gen Z workers are looking for in their workplace, as they have a steady moral compass. With increasing levels of technology use, viral news, social media and ethical awareness, these generations have grown up seeing high-profile fraud scandals on the news, unethical or environmentally-damaging corporate behaviour, and they have even become more savvy when it comes to how large companies treat their workers in third-world countries, with introductions of the Tearfund Ethical Clothing Guide, among other movements.
As such, Millennials and Gen Z are hard-wired to look for and feel comfortable working with companies they feel are trustworthy and ethical. This includes whether they view their employers as leaders, how they are treated within the workplace themselves, the trust they have that their team members are honest, as well as wanting to know that the work they are doing is having an overall positive impact on human beings and the natural world.
So next time you organise that staff meeting, think about how you can further promote and educate your employees on exactly what your company is doing for the greater good, and model great character from the top – this will help these generations to feel comfortable, safe, and engaged as they feel a part of something bigger and better than themselves.
3. Gen Z and millennials want to work for people who care about their wellbeing
Above all, Gen Z and Millennials reported a desire to work for employers who care about and support their physical, mental and emotional wellbeing. The recent COVID pandemic has truly highlighted the need for companies to care for employee wellbeing – it’s well-recognised now that if your employees’ aren’t physically and emotionally happy, your company won’t be healthy either. However it’s not just Gen Z and Millennials who value this – it’s been in the top three most valued aspects for every generation prior to the pandemic as well.
Meet The Needs Of Today’s Workforce With Healthnow’s Employer Aid
Operating across New Zealand and the US, HealthNow makes supporting your employees’ mental and physical health easy and simple, by welcoming you into their AI-driven platform and international technology that comes with a dedicated health saver’s wallet for employer aid payments.
Employer aid is delivered as a financial contribution to an employees’ dedicated health wallet, which can only be used on health-related services and products both in a reactive and preventative capacity. Simply put, funds are deposited periodically at an interval chosen by the business, with the employee able to see that money sitting in their health wallet in real time – a big benefit over health insurance plan contributions which are not seen, and appear to be ‘lost’ if they’re not claimed upon within the year.
The employee then chooses which services to spend their funds on – whether that’s doctors visits, seeing a physiotherapist early for a niggle instead of waiting for it to become a full-blown injury, or covering the cost of prescriptions or supplements from the pharmacy. Employer aid also recognises that a person’s wellness and productivity is linked to their family too – when family members are unwell, sleep suffers, time off may need to be taken, and worries or intermittent phone calls can disrupt days. This is why employer aid payments can also be used to cover the health costs of direct family members, too.
How To Get On Board With Employer Aid Today
The onboarding process is free and easy – and can be implemented with no additional out-of-pocket costs than what you’re already paying towards their health insurance plans or other wellness measures. Payments to your employee’s health wallets can be automatically made monthly or at a frequency and dollar value that you choose. You can leave your employee’s health wallets open to be used on any health or medical service with HealthNow, or specify the services you’d prefer. The funds can only be spent on health services and products within New Zealand, and can be used for themselves or their family members.
HealthNow provides updates on your impact to help you measure the value of employer aid within your company. Your contributions are not subject to the Fringe Benefits Tax, are free for your employees to use (they even get a free $10 credit with their free sign-up), and HealthNow has an ever-growing trusted network of medical providers to keep your staff healthy and happy.
To get started, register your company’s interest via this contact form and a HealthNow team member will get back to you promptly.
