Employers need to learn how to engage and retain Generation Z workers or risk alienating them, Towergate Health & Protection has warned.
Research shows that in 2018, 48% of employees left a role because it wasn’t what they thought it would be, rising to 73% of Gen Zers.
Gen Z now outnumber millennials and account for 32% of the global population.
Towergate said the most common assumption made is that Gen Z are just like their older siblings millennials. In fact, they are very different and have their own set of values which was shaped by growing up during an economic downturn, the intermediary said.
Generation Z have been connected to the digital world since birth, they are more likely to save than spend their wages and are risk-averse and cautious when it comes to decision making, and they place much greater importance on diversity and the environment.
Towergate said employers need to adapt communications and wellbeing initiatives within the range of Gen Z’s needs. It suggested offering DNA testing which looks at an individual’s genetics in relation to improving areas such as nutrition, fitness, wellness, stress and sleep.
Gen Z are beginning to have financial obligations so financial protection benefits such as income protection and life assurance can be of great value, the broker added.
Brett Hill, distribution director at Towergate Health & Protection, warned that failure to properly manage Gen Z can have a detrimental effect on a business’s ability to recruit and keep hold of talented people.
“As Generation Z enters the workforce, they are looking for an environment that is dynamic, social and helps support their physical, financial and mental health and wellbeing,” he stated.