How To Offer Benefits To Gen Z Employees

November 19, 2019 | By Neil Vaswani – Co-Founder and CEO of Corestream. – for Forbes Business Council

From recruiting to office culture, it’s no secret that millennials have dominated conversations about the workplace. Just when we thought we had begun to understand millennials, a new cohort entered the workforce: Generation Z. Gen Z, consisting of those born between 1995 and 2015, is the single largest generation in the U.S., accounting for nearly 61 million people and 26% of the current U.S. population. It’s time for us, as employers, to turn our attention to them and begin preparing for this incoming workforce. Let’s take a look at how Gen Z will shake things up.

Gen Z: What’s Different?

When millennials entered the workforce, they fundamentally changed the future of work. Unlike past generations, they don’t stay with an employer longer than a few years, aren’t afraid to ask for what they want from their careers and they want to feel a connection with their employer that goes beyond a paycheck.

As a result, voluntary employee benefits — i.e., any benefits outside of and complementary to core medical, dental and vision insurance, including student loan repayment assistance, supplementary health insurance and pet insurance — became the de facto way to cater to those employees. Over 90% of millennials surveyed reported that they would prefer additional benefits over a pay raise.

Not to be underestimated, Gen Z is next in line and poised to further disrupt the future of work.

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