MetLife’s 20th Annual Employee Benefit Trends Study shows job satisfaction has tumbled to a two-decade low. Zillennials – who represent the generation born between 1993 and 1998 – exhibit the lowest level of satisfaction.
Over five million Zillennials have entered the workplace over the past five years and are challenging traditional workplace conventions as their values and priorities change. Approximately 53% of Zillennials stated they are stressed due to having an unfulfilling job, and 27% said they would leave their current employer for better benefits.
Employers who want to compete in the talent acquisition and retention race might want to make sure their benefit package aligns with what Zillennials want.
Offer Traditional and New Benefits
According to the study, Zillennials still con consider traditional benefits to be important, such as legal plans, hospital indemnity insurance, and life insurance. In terms of the top benefits that would improve their well-being, 74% stated unpaid leave benefits, 67% cited work-life management programs, and 55% said financial-support programs. Including new benefits along with traditional ones will significantly affect how employees perceive the level of care and support provided by their employers.
Provide More Flexibility
Zillennials want to work for companies that care about their social well-being, which can mean providing a flexible work environment. A decade ago, young employees’ loyalty was driven more by benefits, company culture and advancement opportunities rather than work-life balance. Now, employees first cite salary and second flexibility as key drivers of their loyalty, with 60% of Zillennials stating that a flexible work environment was essential when deciding whether to accept a job or continue their existing role.
Offering Mental Health Support
According to the MetLife report, 85% of employers believe their workers have good mental health. Conversely, only 68% of employees state that they feel mentally healthy. In 2021, over 50% of Zillennials required help with their mental health. As 62% of Zillennials consider mental health benefits important, employers should consider providing support such as access to employee assistance programs and coverage for therapy sessions.
By understanding and adapting to what Zillennials need and want, companies can increase job satisfaction for all generations of employees, thereby improving talent acquisition and retention.
For more Employee Benefits information, contact INSURICA today.
Copyright © 2022 Smarts Publishing. This is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice.