A survey conducted by Georgetown University, in partnership with Bank of America (BofA), found that young adults looking to change jobs cite the paid time off (65%) and flexible working hours (58%) among the top benefits that impact your choice of employer.
And if that was not enough, 73% of young adults want benefits they can take with them if they change jobs.
“In the post-pandemic era for the workplace, with people returning to the office, hybrid work environments, and desires for a greater work-life balance, employers must adapt quicklysaid Kevin Crain, director of retirement research and information at BofA.
“To be an ’employer of choice’ to attract and retain young adult workers, Employers must take greater responsibility for the general well-being of their employees, offering new benefits and encouraging utilization of existing benefits,” Crain added.
The Young Adults and Workplace Well-being Survey examined the attitudes and priorities of 1,000+ working-age Gen Zers and young millennials (ages 24-35) as these young adults return to the office.
“It is our responsibility as business leaders to understand the changing nature of work so that we can Building a future that allows current and future generations to prospersaid Paul Almeida, dean and William R. Berkley chair at Georgetown’s McDonough School of Business.
“We believe that business can be the greatest force for good in the world, and that starts by looking inward, at our employees, our students, and our stakeholders. When we create a culture of well-being and care for others, we enable our best and brightest to succeed personally and professionallyBerkley added.
The survey found that flexible working hours and a better work-life balance are critical to workplace well-being of young adults.
Among the outstanding findings of the study, it is mentioned that:
- Young adults are struggling financially and are not optimistic about retirement. Nearly half (44%) of young adults say they have outstanding student loans or consumer debt, and 49% of those with outstanding debt say paying off debt is a higher priority than saving for retirement. Among young adults who plan to retire before age 65, 4 in 10 (40%) plan to stop working altogether, and only 28% of those who expect to retire after age 65 plan to stop working altogether.
- Employers have room for improvement in establishing well-being in the workplace. Approximately 1 in 4 young adults (24%) strongly agree that their employer has policies or structures in place to support work-life balance. The percentage of young adults who rate their workplace wellness programs as good or very good is higher among those indicating the availability of flexible work schedules.
- Young adults’ ties to their work are not strong. 2 in 3 young adults (68%) view their work primarily as a way to earn a living, but not as an important part of their identity or personal fulfillment. More than half (54%) indicate they plan to change to another field or career, and 46% say they will definitely or probably look to change jobs/fields in the next year.
For more details on the survey, click here.
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