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Posted on 22 January 2024

Employee Benefits Most Sought After by Millennials & Gen Z

3 minute read

By 2030, it’s predicted Millennials and Gen Z will make up 58% of the global workforce. The effects of the COVID-19 pandemic alongside rising cost inflation have had profound influence on what these emerging generations want and need from their workplace. They’re a pivotal demographic already shaking things up for employers. And they’re seeking more – importantly, they’re seeking meaningful and modernised benefits that holistically support them both in- and outside of work.

So, what are the most sought-after benefits by Millennial and Gen Z?

1. Financial wellbeing.

The high cost of living is a primary concern for Millennials and Gen Z, with half reporting living paycheck to paycheck. And whilst pay remains the most important factor in the workplace, Gen Z value salary less than any other generation – instead, they place focus on better and more comprehensive tools and support that compensate their financial wellbeing.

2. Flexibility.

75% of Millennial and Gen Z employees who currently work on a remote or hybrid basis would seek a new role if asked to be on-site full-time. They play a key role in redefining traditional working models, and restrictive policies hold little value for an emerging generation who prioritise healthy work-life balance.

3. Corporate social responsibility.

Less than half of employees from emerging generations believe their business is having a positive impact on wider society. Authenticity and transparency around a business’ purpose and values are a high priority on their agenda, and they seek tangible examples of how the business embodies this to drive positive change.

4. Sustainability.

70% of Millennials and Gen Z say they take conscious action to minimise their impact on the environment, despite facing significant financial barriers. They seek employers that not only share this value, but proactively enable them to overcome these and make more sustainable lifestyle choices.

5. Mental health and wellbeing.

46% of Gen Zs and 39% of Millennials report feeling anxious or stressed at work most or all the time. And whilst many acknowledge strides have been taken to better support mental health in the workplace, this generation still believe support and resources are far too limited.

To meet the needs of emerging talent across a multi-generational workforce requires businesses to tailor their benefits offer, moving away from blanket approaches in 2024. That’s why Rippl’s Benefits Matrix, found within our Ultimate Guide to Employee Benefits,  enables HR leaders to:

  • Create a feedback framework to understand the needs of their workforce through employee ideation and market research, with helpful prompts to get the ball rolling.
  • Tailor a package to the needs of employees, scored on strategic objectives including wellbeing focus, generational audience, industry desirability and urgency for your business.
  • Identify the success measures to evidence both short- and long-term programme success.
  • Recognise the unique features and capabilities required for a programme suited to their needs to identify the best software.

Or, chat to us about designing and delivering a benefits strategy with a difference.

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