Tech companies are offering attractive vacation benefits to retain Gen Z. They have aligned their offerings to accommodate the professional and personal goals of these young professionals. These include pet leave, unlimited sick leaves, rotation opportunities, etc.
Indian firms are beginning to focus on dynamic work environments as they focus on aligning millennials and Gen Z with goals of work-life balance, personal growth and mental health.
According to a survey conducted by Deloitte India and NASSCOM, many companies have dedicated a few days for the ‘welfare’ of their employees. “With Gen Z prioritizing work-life balance, mental health and professional growth, companies need to adapt their approach to attract and retain this emerging talent,” said the India Technology Industry Compensation Benchmarking Survey 2024 report.
To retain young employees, companies are offering them unlimited sick leaves, pets, fitness memberships, burnout assessments and adaptive office designs. These benefits have helped tech companies significantly reduce attrition rates in 2024 compared to 2023. Strategies that have worked best for companies include employee engagement, wellness initiatives and job rotation opportunities.
Companies have better focus on other areas. Integration of AI skills, offering reward programs, aligned with young professionals to increase the female workforce. Firms have also introduced joining bonuses, but they are tied to a 2-year clawback. They did this to prevent child abuse.
A pan-India survey of over 200 companies reveals a new pattern of tech companies adopting innovative ways to attract millennials and Gen-Zs. According to the survey, employee engagement has become a key focus area for these tech companies. The survey also noted adjustments to include more emphasis on variable pay in paymix for campus recruits.
Tech companies are “adjusting” to Gen Z for “better output” and for this they are mainly focusing on work-life balance and are therefore looking for more opportunities for young employees to choose their own work hours and even to remote. location