What's Causing Stress Among Gen Z Workers?
MetLife interviews more than 500 Gen Z workers to learn their pain points as they begin their careers.
Employers can provide additional benefit offerings to help Gen Zers just starting their careers and fretting over money–or lack thereof, according to MetLife’s “Meet Gen Z-The New Face of Work.”
“Coming of age during the Great Recession, they remain worried about financial stability,” the authors write. “Even at a young age, Gen Zers are worried about both their short-term and long-term finances.”
As part of its 17th Annual Employee Benefit Trends Study, Metlife interviewed more than 500 Gen Z workers and found that 54% rank finances as their number one source of stress. A majority (66%) believe their employers should help with financial well-being and two in three say having more non-traditional benefits would help reduce stress.
“In addition to offering benefits related to financial wellness, offer benefits that address both short and long-term financial worries,” the authors write. “This means protecting them from unexpected financial setbacks through voluntary benefits.”
Examples of such offerings that can help include accidental insurance, critical illness insurance, hospital indemnity insurance and cancer insurance, according to the study. Additionally, more than half (55%) say retirement plans are a “must-have” benefit.
MetLife also found that Gen Zers are “always on and always on the move.”
“Growing up with smart phones and seamless digital experiences, they embrace flexibility and technology in how they work and interact,” the authors write. “Flexibility means respecting the lives of Gen Zers outside of work, and half say employers known for recognizing outside-of-work lives is a must-have.”
Younger workers also value new work arrangements, like gig and contract: 55% of employed Gen Zers are gig workers and three out of four are interested in freelance or contract work, as opposed to their current job.
Like millennials, Gen Zers also want to be proud of where they work: 43% believe a company’s mission, purpose and values are essential and more than half say work with purpose is a “must-have,” Metlife found. Employees want their companies to offer programs that reflect their values and interest: 31% say diversity and inclusion programs are necessary and 65% are interested in international assignments.
“With increased acceptance, multiculturalism and connectedness, they value diversity and an employer who shares their values, even viewing their workplace as an extension of their personal brands,” the authors write. “Implications? Support employees’ whole selves and provide experiences where they can find more fulfillment and align their values more authentically.”