What's the Buzz? Three Employee Trends to Watch in 2018
With another year winding down, it's a great time to get ahead of the trends that will affect workplaces in 2018 and beyond. Here's the scoop on three that are expected to have a major impact.
The rise of Generation Z
Born in the mid-1990s, this cohort, also known as post-millennials, has the potential to become one of the hardest-working groups within your company. Its influence is already showing with a 37-percent increase in the number of college graduates who want to work for large companies, according to Accenture's 2017 U.S. College Graduate Employment Study. These workers are looking for more stability than their Millennial predecessors: 62 percent expect to stay at their first job for three years or longer, and on average they expect to work for only four organizations throughout their careers. They're motivated by money, willing to move for good opportunities, and interested in pursuing their passions—and overwhelmingly, they love their pets. Smart businesses will tailor their benefits and compensation to match.
Millennial baby boom
No longer putting off starting families, this generation will soon be on the lookout for companies offering parental benefits, as well as pet insurance to ensure their first babies—their pets—are still well taken care of. While only 12 percent of private sector workers in the U.S. have access to paid family leave through employers, according to the U.S. Department of Labor, providing this benefit offers advantages to businesses as well as to workers in the form of lower turnover and higher retention of experienced employees. A whopping 86 percent of U.S. millennials report that they're less likely to quit if paid parental leave is offered, and paid leave also makes it easier for women to stay in the workforce, which can help companies meet goals for gender equality.
Benefits for part-timers
How can you increase employee satisfaction, support engagement and productivity, and boost recruitment efforts in a rapidly growing "gig" economy? Offering benefits to part-time employees is a great way to start. Part-time employment is on the rise, with more than 27 million workers currently holding part-time jobs by choice—but fewer than 20 percent of these workers have access to voluntary benefits, according to the fourth annual Guardian Workplace Benefits Study. In addition, the report reveals that 60 percent of part-timers who receive benefits are highly satisfied with their jobs, while 80 percent say they want to stay with their employers for three or more years, as opposed to only 41 percent and 61 percent of part-timers without benefits.
It's also important to note that voluntary benefits in general are on the rise, and lifestyle-related benefits, such as pet insurance, are growing faster than traditional plans. In fact, SHRM's 2017 Employee Benefits Study reports that 1/3 of organizations have increased their overall benefit offerings in the last 12 months with the goal of remaining competitive and attracting new talent—valuable information to keep in mind as you plan for a successful future.