The Hartford’s Future of Benefits Study: Generational Perspectives On The Workplace From Boomers to Zoomers
- Despite higher levels of burnout and disproportionate mental health challenges, Generation Z workers are most likely to value connections with coworkers and feel optimistic about their financial futures
- Amid a surge of new responsibilities, employers are doing their best to meet the needs of their employees, but challenges remain
“The expectations and needs of Gen Z workers across many facets of the workplace are notably different from other generations,” said Jonathan Bennett, head of Group Benefits at The
Key findings include:
-
3-in-5
U.S. workers are experiencing some level of burnout at work, with Gen Z more likely to say they always/often experience it (32% ) compared with other generations. -
29% ofU.S. workers report feeling depressed or anxious at least a few times a week, yet stigma prevents them from seeking mental health care (39% ), which is more significant among Gen Z workers (45% and52% ). -
Gen Z workers are more likely to report that their financial health (
47% ), mental health (41% ) and physical health (38% ) negatively impacts their productivity. -
Gen Z workers (
75% ) say strong personal connections at work are important compared with millennials (70% ), Gen X (67% ) and baby boomers (62% ). -
53% of Gen Z workers believe their financial situation will get better in the next year compared with millennials (45% ), Gen X (32% ) and baby boomers (26% ).
“It is encouraging to see Gen Z’s optimistic financial outlook, although there’s more we can do to help employers support financial and mental health in the workplace,” Bennett added. “As an employee benefits provider, The
Keeping pace with employee needs and technology
The generational shift is increasing the complexity for employers who are holistically seeking to address the evolving needs of their employees. Employers are also faced with a surge in new responsibilities and a need to keep up with rapidly changing technology.
The Hartford’s 2024 Future of Benefits Study, which polled
Over the past five years, the study has shown that
Key findings include:
-
50% ofU.S workers believe their company needs better resources to help them understand their benefits. -
73% of employers believe employees underutilize the benefits and services available; this has increased significantly since March 2020 (64% ). -
67% of employers say educating employees about benefits is a challenge, which has been an ongoing concern over the past five years. -
80% ofU.S. workers value the insurance benefits their company offers to them, which is flat compared with March 2020. -
38% ofU.S. workers do not understand supplemental benefits and what they cover.
A spotlight on paid leave
Paid family and medical leave are benefits sought after by all generations in the workplace and can help people of all ages take care of themselves or their loved ones. It is one area of benefits that employers continue to expand, and workers believe can help attract and retain employees. However, many
Key findings include:
-
Employers have added or expanded leave benefits beyond state or federal requirements, including:
-
Medical leave:
46% -
Sick time:
46% -
Paid time off (PTO)/vacation time:
39% -
Family leave:
38% -
Parental leave:
38%
-
Medical leave:
- Half of employers say there is no easy way to track and manage all of the leave types.
-
33% ofU.S. workers think there is a negative perception associated with taking leave. -
34% ofU.S. workers are fearful of workplace repercussions if they take a leave, an increase from29% in 2023 and highest among Gen Z (49% ).
The
Study Methodology
The Hartford’s 2024 Future of Benefits Study was fielded Feb. 21 – March 4, 2024 and included 502 employers and 1,246
About The
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The Hartford Financial Services Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The
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Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our 2023 Annual Report on Form 10-K, subsequent Quarterly Reports on Forms 10-Q, and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued.
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Michelle Symington
michelle.symington@thehartford.com
Source: The