How to Attract Gen Z Employees
Chances are a good number of your employees are millennials and members of Generation Z (Zoomers). And since small businesses are still struggling to attract and retain employees, you should know about the new survey from Georgetown University and Bank of America.
The Young Adults and Workplace Wellness Survey reveals that young adults aged 24-35 who are ready to change jobs say paid time off (65%) and a flexible work schedule (58%) are some of the top benefits that impact their choice of employers.
Other survey findings include:
- These employees are struggling financially and not optimistic about retirement—44% have student loans or consumer debt to repay. Nearly half think paying off their debt is more important than saving for retirement.
- Only 24% of these workers say their employers have policies that support work-life balance.
- The highest percentage of employees who rate their workplace wellness programs as “good” or “very good” say their workplaces offer flexible work schedules.
- These employees are not strongly tied to their jobs—68% consider their work a way to make a living but not a major part of their identity or personal fulfillment. And 54% say they plan to switch to another field or career, while 46% say they definitely or probably will look to change job/fields in the next year.
The survey also reveals the demographic differences in workplace benefit participation:
- 61% of white workers participate in an employer-offered retirement plan, compared to 51% of Hispanic and 46% of Black employees.
- 62% of white employees participate in an employer-offered health insurance plan, compared to 59% of Hispanic and 53% of Black workers.
- 46% of low-income young adults say they participate in employer-offered health insurance compared to 72% of high-income young adults.
- 54% of female employees say a more flexible work schedule or environment is a significant factor in considering a new employer compared to 44% of males.