Millennials and Gen Zers are set to become the largest generations in the workforce, replacing both Baby Boomers and Gen Xers. This shakeup in the makeup of the workforce will have many effects, among which will be the future of CPG benefits.
Millennials and Gen Zers face different challenges and have different values and priorities than the generations before them. As such, they’re asking for more unique perks than previous employees. For example, by 2020 many CPG companies expect to be offering in vitro assistance (16 percent of companies) and adoption financial assistance (11 percent of companies) — both reflections of today’s modern families.
Other unique employee benefits that CPG companies plan to offer include on-site pet care (12 percent of companies), free or discounted entertainment (15 percent of companies), tuition or continuing education reimbursement (16 percent of companies), and first home purchase assistance (11 percent of companies). Compared to more standard, currently offered CPG employee benefits like dental and vision insurance, free meals, and paid birthdays off, it becomes clear that benefits will look different in 10 or 20 years, due, in large part, to the changing world that newer generations are facing.
Companies that are looking to continue to grow, and to attract top new talent, would do well to take note of this. Asking millennials and Gen Zers what they look for in employee benefits and how they think their company could help them best meet goals like work-life balance can help to ensure that you’re providing things that actually matter to them.
ForceBrands’ 2019 Talent Market Report surveyed 500 full-time hiring and decision makers across CPG to find out how they plan to change their offerings in order to attract the newer generations of the workforce. The report took a deep dive into both the employee benefits that are being offered now and those that companies plan to offer by 2020. Download it here to see how your company matches up and to generate ideas for ways to continue your company growth by attracting the top talent of the younger generations.