Survey finds they're the important factor for retention – ahead of health coverage
by Dexter Tilo - 11 Aug 2023
As maturing Gen Z employees begin to set their sights on raising their own families, a new report has found that childcare could be key to retaining this generation at work.
A survey revealed that 30% of employees people born in the late 1990s and early 2000s consider childcare benefits as the most important factor in considering whether to stay in their current role, just behind health insurance (29%).
Nearly half (43%) of Gen Z parents said they would switch jobs for financial assistance to cover childcare costs, while more than half (52%) would do so for on-site childcare, found the survey of over 2,000 parents from KinderCare Learning Company.
Another 36% of parents said they have accepted a job that pays less but has more flexibility, while 29% admitted to moving to a new location to find childcare, according to the report.
Disconnect: Childcare benefits offered by employers
- Subsidized childcare (60%)
- On-demand childcare (59%)
- Emergency/back up childcare provided by employer (56%)
- Mixed childcare offerings (55%)
- "Off hours" where parents are unplugged (54%)
Concerning future for Gen Zs
- Co-working spaces that double as daycares (50%)
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The findings come as 61% of the survey's overall respondents believe that there is disconnect between employers and childcare support, with 67% saying employers should offset the cost of childcare for their staff.
According to the survey, over half of the respondents would stay in their current roles for the following childcare benefits:
Gen Z employees have been growing more concerned about the surging costs of living over the past year, according to a Deloitte survey. It found that 51% are already living pay check to pay check, with 46% taking on a side job to remain afloat.
Due to the current economic uncertainty, many of them believe that it would be more difficult to seek a raise or promotion, get a new job, or request for greater work flexibility.
"Their economic concerns are also impacting their ability to plan for their future on a more personal level, with many saying it will become harder or impossible to buy a home or start a family," Deloitte said in a media release.
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Source: HRD America