Research from Perkbox, the global benefits and rewards platform, reveals that more than three-quarters of Gen Z employees have thought about moving jobs in the last six months.
According to the survey of 2,000 employees born between 1997-2004 (Generation Z), 79% have considered leaving their employer, with one in five (21%) doing so for a better benefits package. In fact, with a fifth of Gen Z workers revealing they don’t have any choice when it comes to picking their benefits, businesses risk a talent exodus if the needs of their youngest employees are not met.
Fostering a culture of wellbeing
In particular, the majority of Gen Z employees are 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.
The results indicate employers must re-evaluate their reward and benefits offering to ensure they are providing wellbeing support and benefits that are 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 an individual, while almost a fifth (18%) would even move to a lower paying job in exchange for a greater variety of benefits.
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 – 93% of Gen Z employees believe 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:
● More social events (in-person or virtual) (35%)
● Team building initiatives (35%)
● Better internal communication (31%)
Gautam Sahgal, CEO of Perkbox, states: “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.
“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. 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.”