Gen Z and Millennials Put Salary and Benefits Above Workplace Perks

12/04/19

 

2019 Bank Comp & Benefits Survey Results Now Available

 

A new study released by Lincoln Financial Group (All About the Benefits, Not just the Benjamins) indicates that younger generations aren’t just focused on perks and in fact are placing a higher value on benefits than ever before.

 

Strong benefits packages – including retirement plans and insurance offerings beyond health insurance (such as medical, dental, vision, life and disability) - don’t just get younger generations in the door the report says. They keep them there. Both Millennials and Gen Z rank salary as most influential when making job decisions, but 60% of Gen Z workers said they would accept a 10% lower starting salary in return for a better benefits package, while 65% of Millennials would take a job that paid 10% less but offered much better benefits.

 

Curious how your salaries and benefits match up? The 2019 OBL Bank Compensation & Benefits Survey, compiles the data and practices of the more than 360 midwestern participating financial intuitions (including 65 Ohio banks ranging in size from $23M to nearly $2.5B in assets). The data-rich report not only provides valuable benchmarking information on compensation practices for nearly 100 job titles but also included are detailed insights on benefit offerings and director trends.

 

Order results online or download a printable order form. Curious about what’s included in the survey? Check out this Sample Report