Perks beyond pay are essential to recruiting new talent in today's competitive market. A strong benefits package can help potential employers stand out from the crowd.
More young people are entering the workforce, bringing new ideas about which benefits are important. Ernst & Young and LIMRA, a research, consulting and professional development association, explored the generational differences in benefits preferences through their 2023 Workforce Benefits Study.
They surveyed 830 U.S. employers with at least 10 employees, weighted to be representative of the total population of employers that offer benefits, along with more than 1,800 workers, with participants' gender, age, income, race and religion weighted to be representative of the working population.
The results display Gen Z's dwindling interest in medical and dental insurance — though they still recognize these benefits as high priority, they no longer classify them as critical. The newest generation of workers places increased emphasis on educational benefits — like tuition and student loan assistance — and mental health treatment assistance.
Respondents were asked, "Regardless of whether the benefit is currently available to you at work, how interested would you be in having your employer offer it in the future?" These 10 benefits were marked most interesting from Gen Z perspectives; here's how important they are to preceding generations.
|
Benefit |
Gen Z |
Millennials |
Gen X |
Baby Boomers |
|
Medical insurance |
53% expressed interest |
70% |
78% |
79% |
|
Dental insurance |
47% |
60% |
66% |
64% |
|
Life insurance |
46% |
53% |
51% |
42% |
|
Paid family or medical leave |
44% |
55% |
49% |
39% |
|
Vision insurance |
40% |
49% |
57% |
57% |
|
Mental health treatment benefits |
40% |
39% |
27% |
14% |
|
Student loan assistance |
40% |
36% |
21% |
5% |
|
Physical health wellness program |
39% |
44% |
31% |
29% |
|
Career development |
38% |
46% |
32% |
18% |
|
Tuition assistance |
37% |
36% |
23% |
10% |