We hear a lot about Gen Z and its workforce demands today and how they are shaping a whole new way of working. From requiring greater experiences from the companies they choose to work for to better work-life balance and there’s a lot changing to meet generational needs today.
Now, a new study from Instant Financial shows that Gen Z is also looking for more immediate payment for their work than anything historically seen before. The Wages & Wellbeing study looked at how wage frequency affected financial security and job requirements for those now entering the workforce.
The most telling result is that 87 percent of Gen Z would be more interested in jobs that paid the same day as the work was done. This can be attributed to the fact that most of those entering the workforce today want to have more control over their finances and who they choose to work for.
Gen-Zers are quickly making up the largest population in the workforce and are set to hold up to 36% by the end of this year. At the time of “the great resignation” and labor shortages, this generation is also finding its footing to help reshape workplace norms and expectations.
For employers looking to attract new talent, this type of immediate compensation is yet another item on the list of offerings to consider when looking to recruit and retain this new generation of workers.
Other trending perks employers are having to include in their benefits packages are tools for career advancement. No longer will gimmicks cut it. Rather, Gen Z wants employers who will invest in their learning and advancement and who respect them and their needs outside of the workplace.
Understanding that financial security and the old ways of living check to check will no longer cut it, Gen Z is ready to change jobs the minute they're no longer getting what they want out of the employment relationship. The study found that 62% of Gen Z workers would, however, stay longer at a job if it paid immediately after each work day and they had access to the funds without having to pay any additional fees to get them.
”Gen Z isn’t going to sit at home while they wait two weeks for a paycheck so they can pay their bills,” said Tal Clark, CEO of Instant Financial. “Our research shows if they need money before payday, they are the generation most likely to take on a short term job that pays immediately, and also the most likely to work more shifts or hours at their current job if they have access to their wages after every day’s work. After all, they are the on-demand generation. Why should their salaries be any different?”
Future of Work Contributor
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