In today’s tight labor market, financial advisory firms are competing to recruit top fresh grad talent, aka Gen Z. While this generation of talent is receiving multiple job offers, one strategy for employers to successfully recruit Gen Z workers is by taking a hard look at their benefits package and consider adding the below benefits, sought out by Gen Z.
Student Loan Repayment Assistance
Last year, graduates of four-year universities had an average of $39,400 in student loan debt. In a survey from Student Loan Hero, 54 percent of respondents between the ages of 18 to 24 reported they’d rather have student loan repayment assistance than a 401(k). Student loan repayment assistance helps employees pay off existing debt accrued during college education and can be administered in a variety of ways.
One way employers can offer student loan repayment assistance is by contributing a certain amount annually to employee’s loan debt. Another way the benefit can be offered is by paying a certain amount per month towards employee’s student loan expenses. Based on the structure of the plan, this benefit can also be an effective retention tool. Some companies incentivize retention by increasing their contributions to student loans based on time an employee has been with a company. Some companies restrict eligibility for student loan repayment assistance until an employee has been with a company for a certain amount of time.
Not only can student loan repayment assistance be a benefit that attracts Gen Z, but they will be more productive employees at the firm if they aren’t concerned about debt, which can create financial stress. A firm looking to recruit fresh grad employees should consider offering student loan repayment assistance to compete with other firms, and consider offering student loan repayment assistance as a benefit that employees can take advantage of within their first year of employment, which is when they start owing payments towards their student loans.
Pet Insurance
According to an Aon’s Healthy Paws Pet Insurance study, 55 percent of pet owners spend $75/month on their pet. The American Pet Products Association estimates Americans spent $15.95 billion on vet bills alone last year. People love their furry friends, and millennials and Gen Z have more pets than any generations prior. Offering pet insurance is not only a great way to show candidates your organization cares about its employees, but it’s also very appealing to the pet parents of Generation Z.