October 2024
As prospective workers prize benefits over pay bumps, companies are getting creative with their offerings. Some include pet insurance, meditation workshops, and smoking-cessation programs. One bold employer in Thailand has implemented “Tinder leave” (i.e. paid time off for dating). Tailoring benefits to employees’ personal interests rather than offering a blanket provision can improve employee satisfaction and increase retention. (Worklife)
“Corporate girlies”—that is, white collar Gen Z workers—are staying at their jobs 18% longer than millennials. Twenty-somethings are boasting about the perks of cubicle culture on TikTok, demonstrating an attraction to routine jobs that come with fair benefits and predictable work hours. Recruiters could appeal to the young generation by selling the advantages of settling on a career. (The Wall Street Journal)
Universities are scrambling to create artificial intelligence related curriculum to foster a new generation of workers, though budget constraints, uncertainty about the technology, and dropping enrollment numbers pose significant challenges. Schools that are finding success are honing in on specific applications of AI, for areas such as medical imaging or semiconductor engineering. (Boston Consulting Group)
Boomers have Bezos, Gen X has the founder of SpaceX, and Millennials have Mark (Zuckerberg), but Gen Z lacks a world-dominating tech disruptor. While this can be chalked up to the slowing down of technological innovation, it also cannot be discounted that Gen Z opts for value-driven, sustainable approaches to work that prioritize ethical considerations. (Business Insider)
As a result of a confluence of rising costs of living, a lack of financial advice, and a desire for financial freedom that is life-long instead of just in old age, only one out of every five Gen Zers are saving for retirement. Most Gen Zers rely on their parents for financial tips, and many rely on social media “finfluencers.” Employers can implement retirement workshops to educate younger employees on the benefits of saving over time (PR Newswire)
Gen Z is the first generation to complete their college education entirely within the No Child Left Behind / Every Student Succeeds era, and it may have inhibited their work efficacy by forgoing critical thinking in favor of test scores. A recent study shows that six in ten companies fired recent Gen Z graduates that they had just hired. Employers may consider offering more professional development opportunities to mitigate the readiness gap in recent graduates. (Forbes)
Over half of millennial workers say that debt has impacted their career choices, and 37% of workers ages 18 to 43 are anxious about being laid off by the end of the year. Mortgage payments and credit card debt both play a large role in millennials and Gen Zers changing or adding jobs. Supporting career mobility and skill development may help organizations retain employees. (FastCompany)
The annual cost of entertainment at work may be around $8,241 per employee, as Gen Z spends an hour of every work day watching TV. This does not equate to a deprioritization of work tasks, but rather demonstrates a rejection of hustle culture and a focus on well-being. It is up to managers to decide whether their employees are engaged or not, but this behavior may be just another portent of shorter work days (or at least longer lunch breaks). (Newsweek)