The Standard’s latest study looks at HR leaders’ perception of what Gen Z wants from employers and their benefits programs.
New research from The Standard shows a disconnect between what employee benefits Gen Zers say they want and what HR leaders think Gen Zers want — with the happy accident that Gen Z’s goals and values generally align with many of the benefits typically offered by employers.
In Learning to Speak Gen Z, The Standard continues its exploration of Gen Z and employee benefits. While the carrier has conducted research exclusively on Gen Z’s view of benefits, The Standard’s latest study looks at HR leaders’ perception of what Gen Z wants from employers and their benefits programs.
“Gen Z’s focus on strengthening finances and preparing for the future is encouraging and an area where employers and employees can partner. It’s a matter of ensuring we’re communicating about benefits in ways all age groups understand. That can mean targeting specific messages to different cohorts.”
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Key findings from the research:
- Many HR decision-makers underestimate the value Gen Z places on retirement plans and paid family and medical leave as well as life, supplemental, dental and disability insurance. For example, only 12% of HR leaders say Gen Z ranks life insurance as “extremely valuable,” but 53% of Gen Zers characterize it that way.
- Gen Z and HR leaders agree medical insurance is Gen Z’s most valued benefit. After that, there’s less alignment. Gen Zers indicate their second and third most valued benefits are paid family and medical leave and retirement savings plans. But HR decision-makers say Gen Z ranks flextime, remote work and student loan repayment as No. 2 and No. 3 (with remote work and student loan repayment tying for third).
- Earning and saving are more important to Gen Z than HR leaders believe, while paying off debt is less important to this age group than HR decision-makers say it is. 57% of HR leaders indicate saving is a financial goal for Gen Z. That’s in contrast to 79% of Gen Zers who say the same. And, while 59% of HR leaders think paying off debt is a goal for Gen Z, only 37% of Gen Zers agree.
Melissa Oliver-Janiak, second vice president of Total Rewards in Human Resources at The Standard, said, “Gen Z’s focus on strengthening finances and preparing for the future is encouraging and an area where employers and employees can partner. It’s a matter of ensuring we’re communicating about benefits in ways all age groups understand. That can mean targeting specific messages to different cohorts.”
Enhancing benefits to meet the needs of today’s workers remains a priority. But the research shows employers can avoid costly benefits overhauls by meeting Gen Zers where they are. That includes offering more effective messaging on existing benefits and using financial literacy as a low-cost way to partner with benefits providers
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