Employee Assistance Programs (EAP)
EAP’s can help employees struggling with personal or work-related problems, including marital, financial, familial, substance abuse and emotional issues. EAP’s give employees access to free and confidential assessments, short-term counseling, referrals and other resources. While beneficial to all generations, EAPs are especially appealing to Gen Z who have an increased focus on wellness and openness to work-life integration. Offering an EAP will help attract Gen Z workers to your firm because they will be interested in taking advantage of a resource to help them resolve problems their facing. In turn, companies can see a decrease in absenteeism.
Voluntary Income Protection Benefits
Traditionally, voluntary income protection benefits have meant disability insurance. Gen Z is looking to expand that coverage to be inclusive of critical accident and emergency care. No—they’re not more injury prone than generations prior. Rather, they’re aware of the realities of living and want to be prepared. Ambulance rides and visits to the emergency room can be costly even with health insurance, and voluntary income protection benefits help offset some of that cost by allowing employees to put money away into an emergency savings account. A Federal Reserve study reported 44 percent struggle to come up with $400 for an unexpected expense. Employees are especially drawn to this benefit for the peace of mind it gives them in the event anything were to happen.
Identity Theft Protection Benefits
Identity theft protection benefits help protect employees against instances of, and recover, if they become victims of theft. The Identity Theft Resource Center (ITRC) reported that there were 1,579 data breaches last year, leaving 179 million identities vulnerable. Gen Z is often referenced as the all-digital generation and with so much of their information online, they are at an increased risk of being victims to identity theft.
Experts have reported that identity theft can understandably decrease employee’s productivity and, with cases of fraud associated with identity theft sometimes lasting for more than a decade, identity theft can ultimately harm employee’s professional growth. Identity theft protection can be offered as a voluntary benefit, a discounted group benefit or an employer-sponsored benefit. Some plans will compensate employees up to a certain dollar amount of funds lost due to theft, while others have resources for employees to contact when they lose a wallet or purse that freezes their information. Identity theft protection benefits can also help employees cover lawyer fees associated with identity theft, which can be extremely costly.
Gen Z workers have a new set of needs when it comes to benefits, and employers who adjust their benefits according will have better luck attracting them to their firm. Experts estimate that by 2020, Gen Z will account for at least 20 percent of the U.S. workforce, and they’re looking for jobs offering employee benefits different from those sought out by previous generations. Employers who meet Gen Z’s benefit needs will have more success recruiting and retaining them.
Bill Gimbel is president of LaSalle Benefits, a technology-enabled corporate benefits firm. Bill has been in the employee benefits and insurance space for over 25 years, having worked with companies in virtually every industry, helping them offer great benefits to attract top talent while meeting budget requirements and that meet the needs of their employees. Bill’s team specializes in working with small businesses, helping them navigate small business insurance laws.