Page 8 - Mar-Apr 23 Reporter

INSURANCE UPDATE

GENERATION Z:

HOW TO ATTRACT AND RETAIN A

NEW GENERATION OF TALENT

HUB INTERNATIONAL LIMITED

here are many novel ideas and approaches that progressive • Work-life harmony: Gen Zs don’t just want balance between

Torganizations use in the war for talent. different parts of their lives; they want the ability to integrate
For example, a mid-sized company based in a small town in their whole person into their work life. They don’t want to
British Columbia was looking to stand out among its competitors. have to leave their personal life at the door – but they are also
Set in the mountains, it is a town full of young, active people – likely to take work home with them.
and skiing, mountain biking and outdoor pursuits are important • High touch: Despite the fact that Gen Zs are the first true
parts of the lifestyle. digital natives, they don’t want to interact only through
This company wanted to attract the best employees in a technology. They may prefer face-to-face connections with
competitive marketplace. They needed to stand out and appeal their managers and they want to receive quick feedback
to their demographic. So they added a unique element to their frequently, if not daily.
Employee Benefits Plan. They introduced a new spending
account they colloquially called “It-is-Monday-morning-and-I- How can employers retain Gen Zs?
broke-a-pedal-on-my-bike-and-the-company-is-paying-for-it”. In a workplace composed of at least four generations, the
In reality, this was a spending account that allowed challenge for all employers is: “How do I engage everyone in my
employees to customize their own benefits to fit what is organization?” In simplistic terms, you need to understand your
important to them. The new offering created a strong brand for target employees, celebrate the differences and create flexible
the company and attracted loyal talent. compensation and engagement systems.
This reimagining of employee benefits is necessary as Many of the tactics companies can take to support Gen Zs
Generation Z moves into the workforce. Gen Zs are unique. They will also appeal to other employees. Organizations will do
grew up with on-demand, filters and personalization. Flexibility a disservice to everyone if they think this is only important
and customization are baked into their vocabulary. They don’t to Gen Z. Or that Gen Z (or any other cohort) is a completely
like to be told what they can or cannot have. homogenous group.
They are highly entrepreneurial and eager to learn and grow. Importantly, organizations need to rely on their managers to
At the same time, however, they do want to have a relationship know their teams and create workplaces that work for everyone.
with their employer. They are looking for the financial stability When it comes to Gen Z, here are a few ideas:
that relationship can bring. So how can employers attract and
retain this talented pool of employees? • Offer a variety of different assignments and roles to keep them
engaged and satisfied.

• Economics: Gen Zs place more importance on salaries. They • Share information. If you have to distribute information via
are pragmatic, and they want the security of a full-time, technology, make sure it’s available on demand rather than
permanent position at a company – even though they may stay through a traditional online portal.
with that company for only a few years. They want to benefit • Provide more personalized attention when it comes to
from the relationship while it exists, and just as important,
they want to be a strong contributor. Insurance Update continues on page 15...

8 LBMAO Reporter - March-April 2023 www.lbmao.on.ca