Employee Benefits

The words ‘Gen Z’ can conjure up very different images depending on personal experience, but what is this latest age group making their way into the workforce? Generation Z is
the collective of people succeeding Millennials, born between 1997-2012, making them the late teens/early twenties group in workplaces. As this generation springs into adulthood and work, they are predicted to make up 27% of the workforce by 2025.

But with varying demographics comes differing needs; some employees may enjoy more luxury benefits, others may value the day-to-day perks. So what are ‘zoomers’, how do they fit into the workplace, and what do they desire in an employer?

Who are Gen Z?

Most people think of certain buzzwords and topics when it comes to Gen Z: social awareness, climate activism, cancel culture, and social media often come to the forefront. They are a generation that grew up as digital natives with rapidly developing technology, and are on track to be the UK’s most qualified generation (according to Open Study College data on higher education).

Growing up in such a fast-changing climate is bound to impact the way that Gen Z approach work, and ‘job hopping’ is a concern for HR. LinkedIn found that Gen Z are switching jobs at a rate of 134% higher than in 2019. So what can be done for staff retention and giving this generation what they want from an employer?

Which benefits and values do Gen Z consider important?

An unstable economy and rising political tension is an everyday reality for the younger generation, which has been heightened also by the Coronavirus pandemic. With so much going on outside of the workplace, there are certain requirements that many Gen Z candidates have that recruiters should be aware of.

Financial perks

Salary and financial perks are a big one. Young adults (including Millennials) have become known as Generation Rent, with people that have not got onto the property ladder now finding it near impossible to do so. Soaring house prices and increased interest rates have left young people feeling like home ownership is a pipe dream. Renting is the new buying, and the cost of living crisis in the UK has 3 in 10 people living paycheck to paycheck.

Wages don’t go as far as they used to even a few years ago, with supermarkets hiking up costs and gas prices up 129.4% up to March 2023, having savings at the end of each month is unattainable for many workers. Taking all of this into account, it’s not surprising that Gen Z are frustrated when they feel that their salary and what they can achieve with it doesn’t reflect their efforts.

While salary and hourly pay increases in the wake of such economic turmoil would be ideal, this isn’t feasible for a lot of companies. Providing financial perks can aid in the absence of pay increases, with offerings such as discounts for supermarkets and financial advice services being the next best thing. Being given the opportunity to think about the future and not just about the next rent payment makes such a difference. With benefits such as Reward Beans offering the option to transfer the virtual currency into an ISA, investing in the future can be made that little bit easier.

Mental health and wellbeing

A key way that the social landscape is being changed by Gen Z is with attitudes toward mental health. With Gen Z-ers reporting higher rates of anxiety, depression, and distress than any other age group, it’s no surprise that they are seeking help. Surveys by Gallup found that when looking at employers, young millennials and Gen Z value an organisation that cares about their wellbeing above all else.

By implementing a thorough Health and Wellbeing strategy, employees can be assured that they have somewhere to go should things ever get too much. Having a place to go and feeling supported by their workplace should be seen as a priority to both employer and employee, so showing staff that their feelings are valid and seen can help evolve the workplace culture.

Diversity, Equity, and Inclusion (DEI)

Social awareness is a huge part of what defines the younger generation, proven by a Monster survey finding that 83% of Gen Z prospective employees feel that a company’s commitment to diversity and inclusion is important. Having firm DEI policies in place, acting upon them, and routinely updating them is key to ensuring that the workplace doesn’t fall behind or become exclusionary.

Sensitivity training, attending relevant seminars, and anonymous surveys could all be used as tools to check in and create a progressive workplace culture that underpin employees’ psychological safety.

Ethical and sustainable practices

A generation being raised with the explicit knowledge of the climate crisis, the heavy feeling of impending doom and feeling helpless has led to climate anxiety becoming widely felt amongst young adults. Bupa found that 64% of Gen Z workers feel that it’s important for their employers to act on environmental issues. As such, employers taking the time to reflect and think carefully about how to create more sustainable business practices is a win for young candidates.

On top of this, awareness around ethical work practices is more talked about than ever, with 82% of employees across age demographics stating that they would be willing to accept less pay and work for a company with ethical business practices. So, transparency and focusing on creating a code of morality and prioritising the rights of workers is evidently huge for what prospective employees want.

Flexible working options

One change that came about during the Covid-19 pandemic that has stuck around has been more flexible working options. With many Gen Z workers having only experienced office work with more flexible working conditions, the thought of rigid hours and/or mandatory in-office work can seem overwhelming. Given the option to hybrid work is widely preferential, but for younger workers in particular it’s an attractive choice. In fact, McKinsey found that 18-34 year olds were 59% more likely to walk if hybrid working was taken away. So listening to the preferences of your workplace and being adaptable to the times can be a huge benefit for employing young talent.

We all get stressed, it’s part of life, but when it takes over, it is a sign that you need to take action. A UK-wide stress survey by The Mental Health Foundation found that almost three-quarters of adults (74%) have felt so stressed over the past year that they have become overwhelmed or unable to cope. Stress can be improved by building emotional strength and that is about gaining control over a situation that is causing you worry.

Here are things you can put into place that will improve your stress management and put you in a more positive frame of mind so you can work towards a solution.

1. Get active

Being active inside or out can make us feel more grounded and calm and is proven to lower the levels of the ‘stress’ hormone cortisol. Being around nature in particular can enhance your mental health, whether this is just a short walk in your local green space, a wander through a forest, or even getting out into the garden and doing some weeding. It can help you focus, improve sleep and feel calmer so you can better manage your stress.

2. Take control

If there is one thing that can improve stress it is feeling empowered to act and change your situation. If you think you cannot do anything about your problem, this loss of control is one of the main causes of stress and lack of wellbeing.

3. Connect with people

Having friends, family or colleagues around you to discuss any worries you have is essential. Not only do they provide alternative viewpoints or solutions, but being able to talk things through can help you gain clarity, relax, and ultimately help relieve feelings of stress.

4. Practice mindfulness

Mindfulness offers an opportunity to stop, breathe, focus and ground yourself. It can be helpful to calm intrusive thoughts or scattered thinking. Why not take an opportunity to step away from your desk, rather than walking aimlessly, take a few moments to observe your environment. Notice all the different sounds like birds, leaves rustling, voices in the distance, earthy smells. Focus on the view in front of you and tune in to the sensation of the breeze on your skin. Breathe deeply and enjoy the stillness. It might not solve all your problems, but gives you a chance to reset your mind so you are better equipped to manage your stress.

5. Eat, sleep, repeat

Lack of sleep is another threat to wellbeing. Often stress can disrupt sleeping habits and this will impact your body’s ability to regulate cortisol, leading to high blood pressure. Quality sleep is also crucial for maintaining healthy levels of hormones that control appetite and blood glucose levels, so it pays to maintain a regular sleeping pattern. Exercise, a warm bath, unplugging from social media at least two hours before bed, and reading can all help you to unwind and give your body the signals it needs to prepare you for sleep.

6. Practice self-compassion

Self-compassion and self-care are things we can all do to help ourselves. Try not to give yourself a hard time for feeling low, the chances are the situation is only temporary and there will be a resolution eventually. Ask yourself ‘what do I really need right now?’ and see what comes up: maybe it’s a change of environment – step out into the garden; or you need to move your body – have a good stretch or go for a walk. It might be that you need to have some human connection in which case, ask a friend over for a cuppa; or simply give yourself a free pass to have a duvet day. Think about how you might treat a friend who was feeling low and apply this to yourself – be gentle and caring.

7. Have some “me time”

Instances of employee burnout are on the rise, and gender and age play a role in this prevalence; women and young people are more likely to report feeling prone to extreme stress or work pressures. One way to combat this is to take some time to do things you enjoy; this might be taking a walk, socialising, exercising, cooking, watching a movie or taking a holiday or long weekend break.

8. Get organised

9. Set yourself a challenge

10. Build healthy habits

Turning to things like alcohol, caffeine or smoking is never going to help in the long term. Instead, starting a new hobby, taking up exercise or helping others can be a confidence booster and take your mind off your stressors.

So you’re looking into employee benefits platforms? Staff value employee perks that can help them everyday, so having a benefits programme in place makes for a great employee incentive. At My Staff Shop, we believe in useful benefits that people value, and offer the flexibility to choose the best benefits for your workplace. Let’s take a look at the benefits provided here at My Staff Shop.

Employee Assistance Programme

Having an Employee Assistance Programme (EAP) in place can be a huge aid for staff, with counselling legal resources, and financial advice being just some of the personal support that’s provided. During difficult times, having external resources available to help can make a big difference to your team. By providing your staff with somewhere to go when they need help, problems that feel overwhelming can be reduced or even solved. We believe that having an EAP in place for employees is a critical offering.

Supermarket savings

During difficult and sustained periods of economic distress, having everyday perks for supermarkets and shops are generally appreciated. A report by the ONS showed that 90% of adults say that an increase in food shopping in early 2022 was the top reason for their cost of living going up. Discounts on the weekly supermarket shop can really add up, and being able to save a bit of money is on most people’s agendas these days.

Popular supermarkets are included within discounts and Reward Beans offers, so wherever your staff shop, they can find some savings. As much as fun and luxury items are a plus, daily costs being reduced is a genuinely helpful benefit for most people.

Health and wellness

With a focus on both physical and mental health and wellbeing, the My Staff Shop portal has a variety of tools and discounts that can assist your employee’s health journeys. From saving on the monthly gym membership to having access to discounted health programmes, there’s plenty of opportunity for members to take advantage of fabulous offers. What’s more, we’ve partnered with the digital wellbeing platform, Spectrum, to offer even more services specific to health and wellness.

Learning & Development

Progression and personal development should be opportunities available across the workplace, and by supporting and nurturing this, your office could benefit both from more fulfilled colleagues, and a more diverse skill set. With a huge range of heavily discounted courses, from British Sign Language to Adobe Illustrator, members could learn that skill they’ve always wanted to, or find something new as a passion project.

Reward Beans

Here’s where My Staff Shop is different from the rest. Our financial currency ‘Reward Beans’ is easy to save up, with the handy savings being available across a huge range of high street shops, supermarkets, health services, gym memberships, and more. Once you’ve collected some, you can cash out with a gift card or purchase – or even set up savings to go directly into your ISA.

Daily Offer

Check back daily to see what’s up for grabs, with a fabulous offer for limited time only! From free Gregg’s sausage rolls to fabulous discounts, by having a quick look each day, you could get your hands on some exclusive offers that brighten your day.

Lottery

A small but powerful part of what we offer, our monthly lottery has some spectacular winnings, with previous prizes including a hot tub, new kitchen, and a car. For those that enjoy a weekly scratchcard or occasional lottery ticket, this free lottery itches that scratch; just pick some favourite numbers and save a few coins in the process.

Price Drop

This feature on the portal is similar to a Dutch auction, offering up a fantastic experience daily that drops in price until someone purchases. Huge savings could be made, with thrilling experiences offering up some inspiration for that perfect getaway. Examples of previous price drops include a spa break, hotel stay, and a bungee jump all purchased at a significant discount.

My Health Xtras

The option to add on My Health Xtras is there for employers, if healthcare is a high priority benefit for your place of work. With insurance solutions there as a safety net to support your staff, this benefit could be seen as one of the more important offerings available. In fact, 9 out of 10 employees name health as their top life priority, so having employers that take this seriously can be seen as a huge win.

Where can employees buy their bikes from?

There are many outlets that support Cycle to Work schemes and each scheme will have a list of participating shops listed on its website. And more niche shops also offer schemes so employees are not restricted in the brands they can opt for.

The benefits of a Cycle to Work scheme

The renewed interest comes as companies increase their focus on employees’ physical wellbeing and health programmes to promote exercise and self-care, as well as supporting sustainability goals to help reduce CO2 emissions.

In fact according to mental health charity, Mind, one in four of us will experience mental health problems in any given year. One of the easiest mood lifters can be a simple bike ride. Cycling can:

Reduce stress: Exercise, in particular aerobic exercise can reduce cortisol levels and reduce tension, and as stress is a major trigger for depression, anxiety and other mental health disorders, cycling provides a simple means of managing symptoms.

Reduce anxiety: Endorphins, also known as the ‘feel good hormones’, are released while cycling these can reduce anxiety and lift your mood.

Fight depression: As mentioned exercise is a mood booster and regular exercise (three or more times a week) is known to reduce the risk of developing depression.

Promote mindfulness: Getting out into the fresh air and the rhythmic motion of cycling can help quieten thoughts and clear the mind.

Build self-esteem: Cycling can provide a sense of satisfaction and purpose as well as self-confidence as fitness improves. Eco-anxiety is something that Gen Z in particular suffers with but doing your part for the environment can help promote a sense of empowerment.

• Save money on commuting. No more shelling out for petrol or bus passes, this benefit could also open up opportunities for jobs that otherwise wouldn’t be considered, e.g. someone not able to commute to London daily but able to go into the city two or three times a week instead
• Enables a healthier work-life balance, good for wellbeing
• Hybrid working could prove especially beneficial for employees with disabilities – disabled employees were found to be 11% more likely to prefer a hybrid work model
• Ability to do housework/errands outside of evenings or weekends (think being able to pop to the bank in your lunch hour rather than taking a half day off!)
• Save money by making lunch at home
• Be home for children coming home from school, tradesmen, post
• Being around for pet care if you have a cat, dog, or other dependent animal
• Skipping that commute means more sleep
• Physical comfort – being able to have the heating on how you like or the windows open if you prefer, without having an office debate. Also being able to wear loungewear (as long as you don’t have any important Zoom meetings!)

Employers 

• Employers can save on bills, not needing to pay for electricity, heating and water five days a week can ease financial stress for the company
• Have happier employees that are more likely to give back, and more willing to help out
• If increasing salaries isn’t a possibility, at least by giving employees more freedom and saving money on the commute it could help with employee retention and staff satisfaction

Cons

Employees

• Less socialising, so that team bond could be compromised if there are too few office hours with everyone in – although monthly team-building social activities may be a way to combat this
• Not having a suitable office space at home could be a problem – noisy neighbours or a lack of desk could compromise the quality of work
• While office bills could be reduced, at home bills could increase
• More stationary lifestyle without commuting – equally though, there is an opportunity to use the lunch break to do a home workout or run
• Having to cart a laptop, keyboard, headset, and any other equipment to and from the office can be a pain
• Some people simply prefer being in office

Employers

• Difficulty with training as it’s always easier in person
• Communicating effectively, which can make group projects especially difficult
• Appropriate equipment is needed – taking things back and forth can be a security risk and require insurance
• Limitations for certain industries – the hybrid working model may work better for some businesses more than others
• Potential for certain people to be less productive – although this one could go either way depending on a lot of factors. In a survey of eight thousand people by Gallup, employees actually said they felt that they were more productive with hybrid working.

Hybrid working doesn’t look like it’ll be disappearing anytime soon, but of course working models are entirely subject to individual businesses. Finding a way that works for both employers and employees is key, and this can have a big impact on employee satisfaction.

The importance of employee mental health and wellbeing has never been greater. Forget the impact of the Covid-19 pandemic, the Ukraine conflict, even the ongoing financial struggles thanks to the cost of living crisis; whichever way you look at it, people are stressed and when employees are struggling, it will undoubtedly impact their working lives.

Figures from the World Health Organisation reveal that anxiety and depression is costing global businesses around $1 trillion, while two-fifths of British employees say that work has made them sick. It’s clear that employers need to step in and help their staff feel better about themselves.

There are certainly many advantages for employees and businesses to having a robust mental health and wellbeing scheme in place. In fact, according to the Chartered Institute of Personnel (CIPD) investing in employee wellbeing can lead to increased resilience, better employee engagement, reduced sickness absence and higher performance and productivity.

A holistic approach to employee wellbeing

Employers that offer 360 degree wellbeing support which considers mental, physical and emotional health shows employees that they are serious about helping their people. Having access to private healthcare, counselling and even discounted gym membership can really have a positive impact on your people’s outlook – and ultimately boost both engagement and improve the employee experience.

Beat the burnout

For many, getting to the point where time off work is the only option can be prevented by putting some simple health benefits in place. At My Staff Shop, Spectrum – a digital healthcare platform, offers clients an optimum wellbeing package that their people can benefit from. This includes online exercise sessions, meditation and mindfulness sessions, and even healthy eating plans, recipes and food diaries developed by nutritionists. The aim is to encourage health habits that will incrementally boost wellbeing and improve quality of life  both in and outside of the workplace.

That said, HR needs to be proactive in promoting and facilitating any wellbeing offerings. Here are just some of the ways HR can help boost employee health in the workplace:

●      Implement an Employee Assistance Programme (EAP). This can be a life-line for struggling employees with access to free, confidential and tailored advice from trained medical professionals when it is needed most, 24-7, 365 days a year.

●      Break the mental health taboo: employees are usually happy to discuss physical issues that might
affect work, but providing opportunities for regular check-ins to discuss any emotional or mental health issues can provide an opportunity to open up in a non-judgemental space, HR can then sign-post them to resources or professionals that can help.

●      Offering financial education so your people can better manage their money at a time when belts are
tightening – this can be as simple as explaining their payslip, explaining pensions, recommending saving apps and offering debt-management advice.

●      Discounts on regular items like fuel, food and leisure are always going to be welcome and even
offering salary sacrifice schemes to off-set spending will help employees better manage their finances.

For more information on health and wellbeing bundles, Employee Discounts, EAP or Salary Sacrifice get in touch. To access mental health support visit Mind mental health charity.