By Danni Rush, COO Virgin Incentives
PWC found recently that nearly four out of ten Gen Z’s are considering quitting their jobs to pursue benefits. Around 30% of the current workforce is Gen Z, which means that businesses could lose a large number of talented workers.
The UK’s economic inactivity has reached an all-time record, with a rate of 21,5% of those aged 16 to 64 quitting the workforce. It’s therefore important to encourage and support younger workers in order for them to continue their career, both for their own growth as well as for the sake of the economy. Gen Z values work differently. They place more importance on mental health, wellbeing, balance between personal and professional lives, and meaningful, aligned work. Mental health is seen to be the primary cause of youth unemployment, as many would rather preserve their well-being than work in an environment they feel toxic or that doesn’t meet their needs. In order to revitalize the stagnant work ethic, employers must evolve in order to better understand how they can improve their conditions.
Employers should cater to their entire workforce, not just one particular demographic. By improving their overall wellbeing, companies can make their employees feel more valued, motivated, and ultimately reduce their desire to quit their jobs due to negative effects on mental health.
Employers should start by examining their benefit offerings. In the UK, there is a large amount of unutilized benefits, as many employees are unaware of what their employers provide. It doesn’t necessarily mean that businesses should overhaul their benefits, but they do need to consider how they are communicated and how to better engage employees in order to improve morale.
A solid recognition and reward programme can help employees feel valued. It can be anything from a celebration of important milestones such as long service, birthdays or weddings to a campaign that was successful or a new client won. Showing appreciation regularly can increase employee engagement. It will motivate employees to achieve their goals and make them feel valued.
This shows that employers are interested in the development of their employees’ careers and in important milestones in their lives. This often leads to a greater desire to perform. Gen Z values support from their employers. Those who believe their mental health is taken care of at work are 2.5x more likely to stay in their position for at least 2 years. 77% report higher job satisfaction. It is clear that employee satisfaction and retention are linked. For Gen Z, this could mean the difference between staying in a company to learn new skills and take on challenges in an environment where they feel comfortable or leaving to rely on benefits.
What could it look like?
Employers can reward their employees by giving them small or large gifts, depending on the situation. Depending on the budget, this could be gift cards to buy small treats like coffee or cake or larger experiences for employees or their loved ones. It’s important that each reward is thoughtful, and not just a one size fits all approach. Multi-choice gift cards, for example, could be a great way to let employees choose what they really need or want, without having to spend any money.
Employers could spend time getting to know their staff on a personal level to better understand their likes, dislikes, and preferences. Understanding an employee’s preferences can help employers select a meaningful and personal gift without breaking the bank. A cinephile might enjoy movie tickets, while an avid reader would appreciate a gift certificate to spend at a bookshop. These small gestures will go a very long way to show appreciation and boost employee morale.
Experiences are a wonderful gift for a large group of employees who have achieved a goal. Having said that, just like with smaller rewards, employers can struggle to choose the best experience without knowing their employees.
Experiences can be used as incentives to give employees something exciting, before or after the event, because they have a lasting effect. They can also improve employee cohesion and create a positive, collaborative work environment. This could also encourage Gen Z to stay in the workforce, since they will enjoy working with their co-workers and being part of a group. Individuals with a stronger support system at work are more likely to achieve positive mental health outcomes. This shows the importance of relationships at work.
What many employees are searching for today is a feeling of care and support. Gen Z is often labelled as lazy or demanding. However, they often have stricter expectations of what they want from an employer. Businesses need to find ways to make their employees feel valued and appreciated in order to reinvigorate their work ethic. This might look different in each business but showing employees appreciation and rewarding them is a great way to begin.
The original version of this article Can Gen Z revive its work ethic? appeared first on Human Resources News.
