Flexible work schedules change businesses
There’s no stopping the reality that the last of the Millennial generation and the first of Generation Z are moving—rapidly—into the workforce. Many individuals from these generations have copious education, open minds and extreme work ethic. However, they differ from the resident Generation X and Baby Boomers, and understanding these differences can strengthen businesses’ internal cohesiveness so they continue toward success.
- Focus on employee experience. Millennials and Generation Z value more than just their income—they value their benefits (e.g., paid time off, insurance, 401ks). And, they want an employer who values their well-being—which includes allowing employees to have flexibility for meaningful work/life balance. .
- Embody ethics. Members from these generations value employers who practice Corporate Social Responsibility. While Gen X and the Baby Boomer generations also value ethics, the younger generations are most concerned with people inside and outside of organizations, and the planet
- Encourage collaboration. Young Millennials and Gen Z want to collaborate with colleagues, and they want to work under leaders who support diversity and inclusivity in the workplace.
- Implement technology. Most young Millennials and Gen Z don’t remember—or weren’t born yet—when certain technology (e.g., the internet, social media) wasn’t a primary tool for communication, for business, or for leadership. So, these employees expect to use technology whenever it’s possible and most efficient. Implementing technological tools in your workplace will help garner a more collaborative, efficient environment, and will help younger employees perform their best.
- Communicate clearly and often. These generations expect clear and consistent communication when it comes to feedback. To perform better and to maintain confidence, they expect employers to communicate their expectations clearly, and to check in about performance—with clear, straightforward feedback—regularly.
Some of these tips have implications for an employer’s employment practices liability and employment benefits liability coverages, since young employees focus on benefits and workplace diversity in more ways than previous generations.
To review your EPLI and employment benefits liability coverages, give our office a call today—we can help make sure you’re covered.