It’s said that each generation experiences a life-changing event that changes the way they see the world. For Gen Z, it was COVID. Catastrophic events over the decades have reshaped society in ways we could have never prepared for; however, the pandemic challenged everything we thought about the modern-day workplace. And companies are taking notice.
Say goodbye to the days of The Great Resignation and say hello to our new post-COVID era: The Great Reprioritization. As Gen-Z enters the workforce, employers must rethink how to attract and retain top talent. Recent surveys show most Gen Z and Millennials expect their workplaces to accommodate their lives outside the office, as these generations are putting their lives outside work first.
Implementing life planning accounts (LPA) as a component of your company’s PTO policy will improve your work culture immensely and become a competitive force in your industry as your workforce rethinks how work fits into their life.
Customizable benefits for your workforce
When it comes to employee spending accounts like LPAs, they have set criteria. For example, health spending accounts (HSAs) assist employees with their medical/dental expenses. LPAs, on the other hand, are a little more fun.
You can customize LPAs for your employees to best suit their needs as an employer. For example, say you conducted a survey, and the results show that your employees prioritize health and fitness. With this in mind, you can customize funds in your LPA to include gym memberships, personal training, or even fitness trackers.
Treat your employees
While health reimbursement arrangements (HRAs), HSAs, and flexible spending accounts (FSAs) are your go-to employee spending accounts for supporting your employees with their medical/dental fees, LPAs can cover anything related to the four dimensions of wellbeing:
- Physical: We could all use a little nudge when going to the gym, so why not do it for free? LPA benefits could include gym memberships, workout equipment, and athletic wear.
- Social: Our lives outside the office are just as important (if not more) than those in the office. An LPA with social wellness can include concerts, cooking classes, or charitable events.
- Emotional: Taking care of your mental health has become more prevalent in recent years. Gen Z and Millennials expect more from their employers for mental health resources. Your LPA can include meditation, therapy, or life coaching services.
- Financial: Financial support can come in many different ways. If this is an aspect you and your employees feel is best for them, financial planning services, credit counseling, and retirement contributions can benefit your LPA.
LPAs give your company a leg up on the competition
Company culture cannot change overnight; you usually need a plan to reinforce it. LPAs can enable a seamlessly integrated work-life balance, allowing employees to feel more encouraged to take the time to focus on their health and wellness goals.
It is no secret that your employees make a difference in establishing competitive differentiation. According to a recent 2022 study, 21 percent of Gen Z and Millennial participants listed that better benefits would aid them in their decision to stay at their current company. In the same survey, 44 percent of Gen Z and 43 percent of Millennials stated that they left their last position due to “workload pressure.”
Gen Z and Millennials are hot commodities in the corporate world, and they have clear expectations regarding what they are looking for in a workplace: a work-life balance. So if you want to attract and retain the best of the best, LPAs are your answer.
Win the battle, win the war
While no one was prepared for the aftermath of the Great Resignation, we have the tools necessary to fight this next battle. With LPAs, The Great Reprioritization War has met its match. Defend every blow by checking out our latest whitepaper to see how LPAs can help you win it all.