Generation Z Redefines employee Benefits Engagement Standards: MetLife
The 2023 Employee Benefit Trends Study conducted by MetLife sheds light on the evolving preferences of Generation Z employees (those born between the late ‘90’s and early 2010), when it comes to workplace benefits. Unlike other generations, Gen Z individuals are more inclined to expect a personalized and continuous benefits experience throughout the year. The study reveals a substantial 68% of Gen Z employees expressing a desire for ongoing communication from their employers, extending beyond the traditional annual enrollment period. This shift in expectations highlights the need for employers to adapt their benefits strategies to cater to the unique demands of this upcoming demographic powerhouse.
As the workforce dynamics undergo a significant transformation, with Gen Z
set to outnumber baby boomers in early 2024, organizations are urged to
reevaluate their approach to employee benefits. Jamie Madden, Senior Vice
President of Workforce Engagement and Benefits Connectivity at MetLife,
emphasizes the critical importance of recognizing and accommodating the
distinct preferences of each generation. In particular, Gen Z is portrayed as
setting the stage for a positive employee experience, challenging employers
to meet their standards to better serve the needs of the entire workforce.
Interestingly, the study uncovers that 50% of today's Gen Z employees feel that the benefits communications they receive lack relevance, and a substantial 63% express a desire for more personalized recommendations. Moreover, Gen Z workers are notably the least likely to believe that their current benefits meet their evolving needs throughout their lives. This signals a clear call for employers to tailor their benefits communications and offerings to align with the unique aspirations and life stages of this generation.
However, the need for a tailored and comprehensive benefits experience extends beyond Generation Z. The study indicates that employees across all age groups are facing distinct challenges, with 54% expressing a desire for personalized benefit recommendations. Additionally, 65% of employees express the need for employers to communicate with them about their benefits throughout the year, transcending the traditional enrollment periods.
MetLife suggests that meeting these diverse needs through continuous education and year-round benefits communication can yield significant returns for employers. Beyond creating a more satisfied workforce, the data indicates that such an approach would make one in two employees feel more cared for. This emphasis on employee care is portrayed as having a tangible impact on overall employee well-being, happiness, and organizational performance.
In a rapidly evolving workforce landscape, employers are encouraged to leverage modern tools to facilitate year-round benefits communication. Whether it's providing information on childcare benefits for millennials navigating parenthood or offering resources for Gen X employees taking on the role of caretakers for aging parents, a personalized and timely approach is deemed critical. Madden underscores that delivering approachable communication and resources is essential to ensuring that each generation within today's workforce understands how to elect and use benefits that are tailored to their unique needs throughout the entire year.
Source: Employee Benefit News