Recent college graduates are entering the workforce, and their expectations of employers are different than generations in the past.
- Recruiting software company iCIMS’s recent report on what 2023 graduates are looking for in a job found a common theme—Gen Z employees are looking for stability.
- Upcoming and recent graduates are less interested in gym memberships or other perks and more focused on benefits that have a monetary benefit, Fortune reports.
- Instead, recent and upcoming graduates seek benefits like overtime pay, 401(k) matching, and financial advisory programs.
Why it’s news
When trying to attract younger hires, companies can sometimes assume that these employees want perks like subsidized pet care or free food and drinks, but recent surveys reveal that these employees want more monetary benefits than anything else. Recent graduates have experienced a turbulent economic climate, making them more likely to look for benefits that offer them stability.
In a survey of around 1,000 college seniors…
- 50% said they were looking for bonus eligibility and the option for overtime pay. These up-and-coming employees want the ability to earn extra money when it is available to them, Fortune reports.
- Around 42% also expressed interest in 401(k) programs along with 401(k) matching—indicating that these younger employees are concerned about their current earnings and their long-term financial future.
- In line with those desires, 34% are interested in financial advisory programs that could help them navigate debt or home purchases.
- Employers may have also grown used to younger employees expecting mental health benefits, but 2023 graduates are less likely to expect these perks. While around 67% of 2022 graduates wanted mental health support from their employer, only 41% of 2023 grads asked the same.
A decreased emphasis on mental health benefits may be linked to 2023 graduates’ higher expectations of flexible work hours, Fortune reports. Rather than providing benefits like access to a therapist, 2023 grads expect a healthier work environment that will positively affect their mental health.