What does Generation Z want from employee benefits — and from employers? This age group's expectations are less about quick, radical change and more about gradual shifts and partnership.
While open to newer benefits, this cohort isn't prioritizing benefits like pet insurance. Instead, Gen Z is primarily concerned with bread-and-butter issues like health care and retirement. But that doesn't mean the approach to benefits for this generation needs no refining.
Support Gen Zers Say They Have
Support Gen Zers Say They Value
Wanting employers to help them solidify their financial security isn't unique to Gen Z. But this cohort is looking to employers for support historically provided by banks, families and even government. Gen Z also favors benefits providers willing to respond to societal challenges, expecting much more from carriers than it does from other businesses.
Members of Gen Z aren't asking for paternalistic support. But they do want employers and carriers to partner with them on preparing for the future — both through benefits and help with financial literacy. Carriers that seize the opportunity to build this generation's loyalty over the long term will have an advantage. Employers working with these carriers will also gain by attracting and retaining Gen Z talent.
Gen Z’s Top 5 Benefits
1. Health/medical insurance
2. Paid family and medical leave
3. Retirement savings plan
4. Life insurance
5. Emergency savings account/mental health days (tied for fifth place)
For a more in-depth look at what we learned, explore these position papers.