Benefits & Pensions
Millennial and Gen Z populations expect employers to support their financial security and well being in the new world of work
By Globe Newswire
Ceridian, a global leader in human capital management (HCM) technology, announced the results of a study revealing 83 per cent of surveyed North Americans wish their employer offered non-health benefits, such as on-demand pay and flexible work arrangements, and – if offered – 82% would feel more loyal to their employers.
The new wave of the workforce and their new demands
Increased employee expectations are particularly evident among the millennial and Generation Z populations in North America (between the ages of 18-34), especially as many of them are newer entrants to the workforce. Nearly nine in 10 of these workers who experienced trouble covering expenses between pay periods over the past six months (88 per cent) say it had a negative impact on work. Moreover, 82 per cent in this age group expect a current or future employer to play a role in supporting their financial security and well-being.
“Gone are the days when basic health insurance, paid time off, and retirement plans were good enough to attract people to the workforce,” said Seth Ross, General Manager, Dayforce Wallet and Consumer Services, Ceridian. “As we enter the third year of the pandemic, it’s clear that many North Americans, especially the younger population, want employers to support their financial well-being. The market is demanding that employers step up and begin offering modern benefits like on-demand pay to meet the needs of their workforce.”
The study reveals other significant gaps between what millennial and Generation Z employees expect and what employers are currently providing. Among those aged 18 to 34:
- More than 8-in-10 workers (82 per cent) would be less likely to look for a new job if their current employer began offering more financial wellness tools, including on-demand pay. However, only 17 have access to at least one type of non-health-related benefit, but almost a third (32 say access to on-demand pay would impact their decision to choose an employer.
- 63 per cent of workers who don’t currently have access to on-demand pay indicated that they would feel less stressed financially if given access to it.
The study found that over half (54 per cent) of all respondents had trouble covering expenses between pay periods over the past six months, with recent inflation and high expenses as some of the biggest contributors. In response, leading employers are implementing on-demand pay to help alleviate employee financial stress.
“We began offering Dayforce Wallet to give our team members an additional tool to manage their day-to-day finances, and the feedback has been overwhelmingly positive,” said Casey Enevoldsen, Vice President of Employee Experience, Lunds & Byerlys. “Not only that, but by giving our team members the flexibility to get paid after each shift, we have gained a significant competitive edge against other employers in the market.”
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