9 min read
Financial education for employees: the best way to improve your benefit uptake
Today, offering financial education for employees is not just a good idea – it's essential. It forms the cornerstone of your employee financial...
The benefits of hiring younger talent are endless. They can aid the generation of fresh ideas with different perspectives, create a boost in morale thanks to some good old fashioned youthful enthusiasm and display a genuine willingness to improve your business.
You’ll also get invaluable marketing insights from young talent if the people you’re trying to target are around the same age bracket. With so much to offer, how do you convince talented youngsters to join your workplace? We have some tips that should help.
Flexibility has always been important to younger workers, which has been heightened by the pandemic work-from-home culture. The evidence shows that productivity is improved by self-determined working hours, with remote employees working 16.8 more days every year compared to strict 9-5 office workers.
According to Deloitte's Global Millennial survey, 67% of Millennials feel that flexible remote working enables a better work-life balance. A flexible schedule can increase productivity and create higher rates of job satisfaction among younger workers. So long as requirements are being met and employees are happy, it’s hard to argue that a mandatory 9-5 needs to continue being the norm.
The UK’s recent four-day working week trial was a resounding success, with 56 out of 61 participating companies intending to continue the arrangement. The move from a 40-hour week to 32 hours saw staff reporting an improved work-life balance, reduced stress levels and increased job satisfaction.
Employers noted that there was no fall in productivity levels and employee wellbeing improved. The four-day working week left people with extra time to live their lives and pursue outside-work interests, while still getting their work done in four days, signalling a change in the future of working life.
According to Claro Wellbeing’s recent research, those aged 18-25 (Gen Z) cited poor leadership and a lack of career development opportunities as their top two reasons for wanting to look for a new job. Younger workers are ambitious and will continue to seek out alternative paths to success if their current role doesn’t fulfil that desire.
In the 18-25 age bracket, 47% said they were satisfied with their current company, and 31% said they were extremely satisfied. This suggests that when Gen Z finds the right fit, they’ll stay loyal to the company. Job adverts and interview processes should have clear outlines of progression in the roles that young people are applying to, as its omission could become a major factor in them looking elsewhere down the line.
Mark Dixon, CEO of global workplace solutions provider IWG, commissioned a study to find out how each generation feels about hybrid work. The results showed that 53% of Millennial hybrid workers would look for another job if their employers ended hybrid working and wanted them back in the office.
He said there must be a solid value proposition to entice people to come into an office setting. A strict three-day in-office policy or similar can deter employees from considering or accepting offered roles. When trying to attract young talent, a stronger offering is to accommodate personal preference and work together to find a solution that suits both parties.
When Claro Wellbeing asked 1,300 UK workers which benefits are most valuable to them, those in the 18-25 age bracket said that a cycle-to-work scheme was their top priority, followed by a gym membership, health insurance, mental health support and a financial wellbeing and education programme.
Evidently, the areas of physical, mental and financial health are what young employees care about. Some 40% of those aged 18-25 said they felt concerned about their finances. When asked if they would use a financial wellbeing platform if their employer offered one, 77% said that they would. It’s clear that young talent value financial education, which could boost the appeal of your workplace if you incorporate this desire into your offerings.
On the subject of financial education, Claro Wellbeing’s research showed that 36% of those aged 18-25 rely on Google for their information, followed by 30% using TikTok. Evidently, this particular age bracket consumes a large portion of their content online.
It’s logical to assume that the same theory can be applied to their job-seeking methods. If you want to reach Gen Z and Millennials, you need to advertise in the spaces they occupy. In addition to advertising on job boards and through recruiters, explore popular social media sites like TikTok, Instagram and Twitter to gain the attention of young talent. A strong presence on each platform will also add to your company’s allure when they come snooping.
9 min read
Today, offering financial education for employees is not just a good idea – it's essential. It forms the cornerstone of your employee financial...