It’s becoming increasingly imperative that companies do everything in their power to keep up with the needs and expectations, not just of their customers, but of their employees. To attract a workforce that views you as an employer of choice and feels committed to your company is becoming more and more difficult as the demographics of the workforce grows and evolves.
But that isn’t such a bad thing. Your company should always be working to improve its culture to be the most attractive to new talent. It’s just part of the game. Thankfully, there are large trends that you can follow to help guide you to the best decisions around what benefits and perks you should offer, personalizing them to the distinctive needs of your company.
Provide space for professional growth
The lifecycle of a typical career has evolved dramatically over the past 40 years. Where an employee used to stay with the same company for decades and work their way up the ladder, employees now are viewing their career as happening in a series of waves, not linear steps in a ladder. With more and more people expecting to work longer than their predecessors, there is a natural expectation for more variety within a career, with more frequent breaks.
Younger generations are continuing to evolve by prioritizing jobs that offer opportunities to grow and develop their skill set, which will widen their career options moving forward. Four out of five employees consider the opportunity to develop new skills a critical factor when considering employment options.
Giving your employees opportunities to attend classes, conferences, and access learning opportunities is a great way to get the most potential out of your hires while building loyalty and engagement.
Enable their financial health
Young generations face high levels of financial challenges, such as student loan debt, high cost-of-living, and excessive healthcare expenses. The current economic situation employees are dealing with has them expecting to work longer into their lives to be able to survive. You can support these employees by offering 401K programs, student debt matching, and financial coaching.
More employees than ever report being stressed by their financial situation. By offering them a way to find better financial security and relieve their anxiety, you’re showing them you not only understand their needs but are willing to help them meet and overcome their challenges.
Speak to their values
It’s common knowledge that Gen Z and Millennials have put a stronger emphasis on the importance of a healthy work-life balance. As an employer, it’s important to factor this into your attraction and retention plans. Younger generations are seeking employers who offer wellness programs that support their needs and show that the company values their health. There are a variety of perks and programs to choose from, so you can select the perfect-fit programs for your company and staff. Here are a few ideas:
- Provide a monthly gym membership to employees or online workout classes for remote staff.
- Offer a monthly stipend to be put towards personal wellness (massages, yoga classes, etc.).
- Provide educational opportunities for employees to learn about nutrition, sleep, and self-care.
Whatever you provide, make sure you’ve talked to your employees about what they actually want. That way, when you commit to offering a wellness perk, you know it’s going to be used and appreciated.
Commit to the future
As our world and culture develop, so do the expectations and needs of employees. Carve out time every year to evaluate how well your company is keeping up. Doing so won’t just make you look more attractive to prospective talent; it will help keep the talent you already have happily working for you.
Running into challenges with employee engagement, turnover, and retention? At Raffa Financial, we’ve got ideas to help you address these issues and more. Get in touch with Raffa to see how we can help your organization become a local employer of choice.
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