How Can Companies Differentiate And Attract The Next Generation To Their Workforce?

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In case you haven’t noticed, almost everything in our world has changed. I launched my financial services marketing firm about fourteen years ago, with a focus on helping financial services companies move their marketing across multiple generations with an eye toward Millennials and Gen Z Inheritors and Wealth Creators. I could see that the intersection of wealth, next-generation values ​​and fintech would change the landscape of customer acquisition, especially for wealth management firms, which also have aging workforces.

At the time, many people were skeptical about the need for such expertise, but Mark Cassady is not like most people! Mark and I first met when he was CEO of LPL Financial – one of the leading independent broker-dealers with over 17,500 advisors in 2021. He took LPL public and built a solid foundation of state-of-the-art technology from which the firm has grown. But Mark’s interest in fintech found another outlet just before retirement and called on his brain trust to form Vestigo Venture – an early-stage investor in fintech.

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Recently, I caught up with Mark at Massachusetts Fintech Week, where his latest investment aligns everything in his wheelhouse: NextGen and technology and recruiting. One of Vestigo’s latest investments, Climate Club, is a “next generation” employee benefit that addresses a new problem of recruiting and retaining the next generation of employees.

Enrolling the younger generation requires solid compensation, paid leave, good health care, and now more than a 401K. Millennials and GenZs are examining current and potential employers from a different lens than older generations. As such, companies need to consider the priorities of these generations when considering their own brands, policies and employee benefits.

77% of Generation Z want to work for a company that aligns with their values. About 49% of GenZ employees have said that their personal ethics played a part in their career choices. But what does Generation Z really value? According to a survey by Deloitte, GenZ’s top concerns are climate change and the environment. This is the second biggest concern for Millennials after health care (keep in mind this survey was conducted during COVID). More than a quarter have said that some business’s impact on the environment has influenced their buying decisions.

These concerns influence GenZ and Millennial decisions beyond just buying. According to a Gallup poll conducted in March 2021, about 10 out of 10 employees care about a company’s environmental track record when considering that while businesses are taking action, according to a Gallup poll conducted in March 2021, With more than 60% of Fortune 500 companies setting climate-oriented goals, many are feeling the pressure to reach these ambitious goals. Add to that the growing awareness and scrutiny about ‘greenwashing’, or when a company brands itself as eco-friendly without actually adopting sustainable business practices, and it’s easy to see that companies need to take concrete action now. the wanted.

It is thus imperative that companies engage their employee base to deal with measuring and reducing carbon emissions. Companies can do this by taking advantage of a company like Climate Club. Climate Club’s software aims to embed sustainability into the employee experience, providing a way for employees to take concrete action toward reaching the NetZero target goals. At the employee level, employees access a personalized dashboard of their individual carbon footprint along with current tracking of company goals. Once a profile is established, recommendations, including business travel or low-emissions commutes across employees, teams, tasks and the broader organization, help with quick change. Building sustainability into the employee experience not only demonstrates a company’s commitment to its climate goals, but also provides a way to measure hard-to-reach employee Scope 3 emissions.

Beyond the importance of alignment of values, it is also important to consider that younger generations have different stresses than older generations, which also affect their career choices. For example, about 45MM Americans have student loans, with an average monthly payment of about $460 and an average time to pay off in 20 years. For example, the adoption of a student loan benefits platform from a company like Vault is a great way for employers to differentiate themselves in the battle to recruit young talent. Additionally, 70% of Generation Z say that anxiety and depression are significant issues among their friends and peers. They strongly value the mental wellness benefits offered by employers.

On the Millennials front, an important area of ​​responsibility for Millennials is family, as Millennials enter their 30s and even 40s. Millennials stress the importance of an increasingly flexible work environment, be it remote or hybrid options. As their families grow, a solid health plan, parental leave and fertility benefits are all being taken into account when accepting a new role. For example, more than 70% of Millennials say they would be willing to change jobs for better fertility benefits. Carrot, Winfertility, or Progyny are some of the companies that offer fertility benefits.

As boomers retire and younger generations enter the workforce in larger numbers, companies must change their perspective on how to attract and retain their workforce. While there is no shortage of employee benefit options in HR leaders’ inboxes, keeping a close eye on which benefits are valued most by the current and targeted employee base is the best way to win the battle for talent.

Credit: www.forbes.com /

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