In a candidate-driven job market, attracting and retaining talent are top priorities for employers looking to remain competitive. According to ForceBrands’ recently released 2019 Talent Market Report, which surveyed more than 500 full-time hiring decision-makers and leaders across CPG, benefits and compensation packages are the most effective employee recruitment and retention strategies.
As the workplace evolves, so too do the demands and needs of its employees. The multigenerational workplace is complex and no two generations are the same. Employers should be continually rethinking their compensation and benefits packages to remain competitive. Our survey found that more than half of respondents (56 percent) offer employees customized benefits packages, a growing trend among employers to cater to younger generations.
Millennials are currently the largest generation occupying the workforce. If millennials ushered in a new approach to working more openly with airy workspaces, Gen Z will bring a more mindful approach to working in environments where they feel valued and mentored. Gen Z will also overshadow millennials as the largest working generation with 61 million Gen Zers anticipated to enter the U.S. workforce in the coming years.
The generational shift can be seen when comparing the ranking of benefits currently offered and those expected to be implemented in 2020.
According to the survey’s findings, the top three benefits employers currently offer include paid maternity leave (57 percent), paid family leave (52 percent), and dental insurance (51 percent). Compare that to 2020’s top three anticipated offerings that include off-site social opportunities and meetups like company group excursions and sports teams (18 percent), in-office stress relief or fun like nap rooms and massages (17 percent), and flex-time or work-from-where-you-want (17 percent).
Younger generations are setting the tone for what the future of incentives will look like with unique perks like in-office stress relief initiatives and in vitro financial assistance. It will be up to employers to listen to these needs and customize their benefits packages accordingly.
For more CPG hiring insights, download the report here.