Dec 24, 2024

By   Courtney Hoff Dockerty December 24, 2024, 5:30 a.m. EST 8 Min Read To , benefits that focus on mental health are important. Younger workers place more emphasis on mental health support and resources—42% for both Gen Z and millennials versus 37% of Gen X and 28% of baby boomers,— according to a study from New York Life Group Benefit Solutions . This generation's members face significant Gen Z workers are also searching for Read more: On another front, in regard to financial wellness, every generation has different needs for their finances. According to Payroll Integrations' compared to 59% of boomers and 54% of Gen X employees. Meanwhile, only 33% of Gen Z report the same. For Gen Z, financial benefits will likely differ from those of the older generations. Many of these young workers are entering the workforce with student-loan debt, so they might value benefits such as repayment assistance and budgeting tools. Read more: "[Companies] can focus on clearly communicating the value of their benefit offerings by connecting them to the real-life challenges employees face and demonstrating how different benefits can help employees achieve their . "For example, against a backdrop of rising healthcare costs, employers can showcase how benefits like supplemental health insurance can help provide a financial safety net and cover unexpected out-of-pocket costs not typically covered by health insurance plans." To gain insight into which benefits should get the most attention from employers, Welke adds that in today's evolving workplace, they should frequently check in with employees and gather data so they have the insights they need to add the right benefits to their comp packages. "There are many tactics employers can use, including engagement surveys, online forums and other digital tools, but at the core, there needs to be a desire throughout the organization to put employees' voices at the center of decision-making," she said. "When employers tailor benefits to employees' needs and keep a constant pulse on their sentiments, this delivers improved outcomes for people and businesses." Read more about how different generations prioritize their employee benefits. kenchiro168 - stock.adobe.com HR software company surveyed more than 2,000 workers, focusing on how Zillennials (workers between the ages of 18 and 43) feel about open enrollment. Thirty-two percent said that they would rather apply to a new job than go through the trouble of selecting new , and 29% said they would rather do their taxes. More than half of Zillennials admit they have blindly chosen their health plan because they didn't understand the terms in any of the plans offered, while 46% reveal that they regret their open enrollment decisions. On the other hand, just 25% of Gen X and baby boomer workers feel they make uninformed health plan decisions, and 24% regret their health plan choices. "Remember, individuals can remain on their parents' health insurance until they turn 26," David Feinberg, senior vice president of risk and insurance at Justworks, told Employee Benefit News' . "When a young worker goes to select plans, it's often the first time they see terms like deductible and copay, in-network and out-of-network. Even if younger workers are familiar with their auto insurance or renter's insurance, the complexities and terminology of health-insurance plans can sometimes be a black box." Notably, Zillennials know they need help deciphering their open enrollment options — in fact, 47% report relying on their parents to help them select a plan, according to Justworks. Gen Z is especially open to getting outside recommendations, with 57% sharing that their primary approach to health plan selection is asking others for their opinions. Read more: According to the World Economic Forum, 73% of Gen Z workers say their or behaviors have changed due to content they've seen on TikTok. From videos depicting someone sprinting to their favorite co-worker to share gossip they heard in the office, to clips of people expressing frustration at getting more work instead of better pay for excelling at their jobs, TikTok has become a convenient place for workers to share — and sometimes complain — about their . But amidst the somewhat satirical videos about how workers pretend to look busy in the office, or day-in-life posts showing how a person's day is consumed by their commute, it's clear that young workers are unhappy about the culture in their workplaces. "These videos are almost some kind of hybrid form of unionism," Heather Walker, people scientist at Culture Amp, an employee experience platform, told Employee Benefit News senior reporter and life stages want. "The workforce today comprises [multiple] generations, each with distinct experiences, yet within this generational framework lies a diverse range of individuals with unique needs and perspectives," Kristina Welke, head of strategy, solutions and marketing for New York Life Group Benefit Solutions (NYL GBS), told Employee Benefit News' . "By understanding these generational nuances and offering a flexible benefits package, employers can create a more engaging and supportive workplace for everyone." NYL GBS looked at feedback from 1,020 working adults across all five age brackets and found a few common threads: All generations prioritize retirement savings, though more older employees (77% of Gen X and 84% of baby boomers) ranked it as a must-have compared to younger workers (61% of Gen Z and 73% millennials). Unsurprisingly, flexible work arrangements also ranked among the top five most-wanted benefits for each group. Read more: