- February 27, 2020
- Posted by: adam
- Category: Employee Benefits, HR Strategy
It’s becoming increasingly imperative that companies do everything in their power to keep up with the needs and expectations, not just of their customers, but of their employees. To attract a workforce that views you as an employer of choice and feels committed to your company is becoming more and more difficult as the demographics of the workforce grows and evolves. This year, over a third of the workforce will be Gen Z, meaning that all the work you did to try to attract millennials is going to need to be reviewed and adjusted.
But that isn’t such a bad thing. Your company should always be working to improve its culture to be the most attractive to new talent. It’s just part of the game. Thankfully, there are large trends that you can follow to help guide you to the best decisions around what benefits and perks you should offer, personalizing them to the distinctive needs of your company.
The lifecycle of a typical career has evolved dramatically over the past 40 years. Where an employee used to stay with the same company for decades and work their way up the ladder, employees now are viewing their career as happening in a series of waves, not linear steps in a ladder. With more and more people expecting to work longer than their predecessors, there is a natural expectation for more variety within a career, with more frequent breaks.
Younger generations are continuing to evolve by prioritizing jobs that offer opportunities to grow and develop their skillset, which will widen their career options moving forward. Four out of five employees consider the opportunity to develop new skills a critical factor when considering employment options.
Giving your employees opportunities to attend classes, conferences, and access learning opportunities is a great way to get the most potential out of your hires while building loyalty and engagement.
Younger generations are exceedingly interested in employment that allows them to have greater control over their schedules. Consider implementing flexible work schedules, offering flex time, or even fully remote positions at your company. You may find that you can actually save money while increasing productivity by providing remote working opportunities.
It’s common knowledge that Gen Z and Millennials have put a stronger emphasis on the importance of a healthy work-life balance, and as an employer, it’s important to factor this into your attraction and retention plans. Younger generations are seeking employers who offer wellness programs that support their needs and show that the company values their health. There is a large selection of wellness perks and programs to choose from, so you can select the perfect-fit programs for your company and staff. Here are a few ideas:
- Provide a monthly gym membership to employees
- Offer a monthly stipend to be put towards personal wellness (massages, yoga classes, etc.)
- Provide educational opportunities for employees to learn about nutrition, sleep, and self-care
Whatever you provide, make sure you’ve talked to your employees about what they actually want. That way, when you make the commitment to offer a wellness perk, you know it’s going to be used and appreciated.
Young generations face high levels of financial challenges, such as student loan debt, high cost-of-living, and excessive healthcare expenses. The current financial situation employees are dealing with has them expecting to work longer into their lives to be able to survive. You can support these employees by offering 401K programs, student debt matching, and financial coaching.
More employees than ever report being stressed by their financial situation. By offering them a way to find better financial security and relieve their anxiety, you’re showing them you not only understand their needs but are willing to help them meet and overcome their challenges.
Develop a positive hiring experience and company culture
According to a survey, nearly 80% of candidates consider their hiring experience as a top indicator of whether or not the company values its employees. Over 90% of job seekers research at least one resource to determine the employer’s brand before applying. This indicates a strong emphasis placed on company culture and values.
Make sure your hiring and onboarding process is candidate-friendly, accessible, and easy-to-execute. Do your workplace culture and online presence match up? Find ways to communicate the core values of your company through your hiring process and take pains to ensure they align with the experience of a committed employee. You want your candidates to know who you are from the get-go so they can make an informed decision whether or not to apply and aren’t disappointed when they join your team.
Never stop improving
As our world and culture develop, so do the expectations and needs of employees. Carve out time every year to evaluate how well your company is keeping up. Doing so won’t just make you look more attractive to prospective talent; it will help keep the talent you already have happily working for you.
Content provided by Q4iNetwork and partners
Photo by ammentorp