Georgetown University Survey Finds 65% of Young Adults Highlight Paid Time Off as the Top Benefit for Choosing an Employer
June 13, 2023 at 9:00 AM Eastern
New Research Explores How Millennials and Gen Z Are Driving a New Definition of Workplace Wellness
WASHINGTON, D.C. – A survey conducted by Georgetown University, in partnership with Bank of America, found that young adults looking to change job/fields cite paid time off (65%) and a flexible work schedule (58%) among the top benefits impacting their choice of an employer. In addition, 73% of young adults want benefits that can travel with them if they change jobs.
“In the post-pandemic era for the workplace – with people returning to the office, hybrid work environments, and desires for greater work-life balance – employers need to adapt quickly. To be an ‘employer of choice’ to attract and retain young adult workers, employers need to take greater responsibility for their employees’ overall wellness by offering new benefits and encouraging utilization of existing benefits,” said Kevin Crain, Head of Retirement Research & Insights at Bank of America.
The Young Adults and Workplace Wellness Survey (PDF) examines attitudes and priorities of 1,032 working-age Gen Z and younger millennials (ages 24-35) as these young adults return to the office. Business for Impacts’s AgingWell Hub at Georgetown’s McDonough School of Business worked with Edge Research in fielding the survey.
“It’s our responsibility as leaders in business to understand the changing nature of work so that we can build a future that enables current and future generations to thrive,” said Paul Almeida, dean and William R. Berkley Chair at Georgetown’s McDonough School of Business. “We believe business can be the greatest force for good in the world – and that starts by looking inward at our employees, our students, and our stakeholders. When we create a culture of wellness and care for others, we enable our best and brightest to succeed personally and professionally.”
The survey found that a flexible work schedule and greater work-life balance are critical to workplace wellness for young adults. Young adults rated eight different paid time off and flexible work benefits among the top 10 most desired wellness benefits. Additional findings include:
Differences in workplace benefit participation and priorities emerge among different young adult demographic groups:
“As employers continue to attract a diverse workforce and pursue Diversity, Equity, and Inclusion policies, they should keep in mind that young adults are not a homogeneous group and different demographic groups within the same generation have different priorities,” said Bill Novelli, Georgetown University professor and former CEO of AARP.
A report on the survey findings and methodology can be provided upon request.
The AgingWell Hub is committed to harnessing the power of business and cross-sector collaboration to help individuals of all generations age well, with a special focus on the nexus of financial security, good health, and connected communities. For more information, please visit agingwellhub.org.
Business for Impact at Georgetown University’s McDonough School of Business is founded on the belief that companies can be a powerful force for good. We strive to help solve today’s most pressing issues through delivering world-class education, impactful student experience, and direct action with corporations, nonprofits, and government. Our aspiration is that Georgetown-educated leaders will be renowned for managing the triple bottom line – people, planet and profit. Learn more at businessforimpact.georgetown.edu. Follow us on Twitter: @GUBizforImpact.
Located at the global intersection of business, policy, and international relations in the capital of the United States, Georgetown University’s McDonough School of Business draws upon its access to business, government, policy makers, nonprofits, and the diplomatic community, as well as the expertise of Georgetown’s other renowned schools, to bring an interdisciplinary and experiential approach to learning and scholarship. Rooted in Georgetown’s Jesuit tradition, the school prepares undergraduates, graduate students, and participants in customized executive education courses to become globally minded, principled leaders in service to business and society. Learn more at msb.georgetown.edu. Follow us on Twitter: @msbgu.
Edge Research is a woman-owned small business that provides marketing research services to clients in the private, public, and non-profit sectors. Our responsive approach and commitment to informing client decisions with the best information and insights has made Edge a trusted partner to outstanding organizations and some of the biggest brands in the US. Celebrating 25 years in 2022, we have built robust practices in Education, Health, Financial Services and Technology, Small Business Solutions, and Philanthropy. For more about Edge or to view our other public studies visit us at https://edgeresearch.com/ or follow us on Twitter @EdgeResearchDC.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 56 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).
Berry Brady, Georgetown University
Phone: 1.703.609.6643|
berry_brady@yahoo.com
Don Vecchiarello, Bank of America
Phone: 1.980.387.4899
don.vecchiarello@bofa.com
June 13, 2023 at 9:00 AM Eastern
Georgetown University Survey Finds 65% of Young Adults Highlight Paid Time Off as the Top Benefit for Choosing an Employer
New Research Explores How Millennials and Gen Z Are Driving a New Definition of Workplace Wellness
WASHINGTON, D.C. – A survey conducted by Georgetown University, in partnership with Bank of America, found that young adults looking to change job/fields cite paid time off (65%) and a flexible work schedule (58%) among the top benefits impacting their choice of an employer. In addition, 73% of young adults want benefits that can travel with them if they change jobs.
“In the post-pandemic era for the workplace – with people returning to the office, hybrid work environments, and desires for greater work-life balance – employers need to adapt quickly. To be an ‘employer of choice’ to attract and retain young adult workers, employers need to take greater responsibility for their employees’ overall wellness by offering new benefits and encouraging utilization of existing benefits,” said Kevin Crain, Head of Retirement Research & Insights at Bank of America.
The Young Adults and Workplace Wellness Survey (PDF) examines attitudes and priorities of 1,032 working-age Gen Z and younger millennials (ages 24-35) as these young adults return to the office. Business for Impacts’s AgingWell Hub at Georgetown’s McDonough School of Business worked with Edge Research in fielding the survey.
“It’s our responsibility as leaders in business to understand the changing nature of work so that we can build a future that enables current and future generations to thrive,” said Paul Almeida, dean and William R. Berkley Chair at Georgetown’s McDonough School of Business. “We believe business can be the greatest force for good in the world – and that starts by looking inward at our employees, our students, and our stakeholders. When we create a culture of wellness and care for others, we enable our best and brightest to succeed personally and professionally.”
The survey found that a flexible work schedule and greater work-life balance are critical to workplace wellness for young adults. Young adults rated eight different paid time off and flexible work benefits among the top 10 most desired wellness benefits. Additional findings include:
Differences in workplace benefit participation and priorities emerge among different young adult demographic groups:
“As employers continue to attract a diverse workforce and pursue Diversity, Equity, and Inclusion policies, they should keep in mind that young adults are not a homogeneous group and different demographic groups within the same generation have different priorities,” said Bill Novelli, Georgetown University professor and former CEO of AARP.
A report on the survey findings and methodology can be provided upon request.
The AgingWell Hub is committed to harnessing the power of business and cross-sector collaboration to help individuals of all generations age well, with a special focus on the nexus of financial security, good health, and connected communities. For more information, please visit agingwellhub.org.
Business for Impact at Georgetown University’s McDonough School of Business is founded on the belief that companies can be a powerful force for good. We strive to help solve today’s most pressing issues through delivering world-class education, impactful student experience, and direct action with corporations, nonprofits, and government. Our aspiration is that Georgetown-educated leaders will be renowned for managing the triple bottom line – people, planet and profit. Learn more at businessforimpact.georgetown.edu. Follow us on Twitter: @GUBizforImpact.
Located at the global intersection of business, policy, and international relations in the capital of the United States, Georgetown University’s McDonough School of Business draws upon its access to business, government, policy makers, nonprofits, and the diplomatic community, as well as the expertise of Georgetown’s other renowned schools, to bring an interdisciplinary and experiential approach to learning and scholarship. Rooted in Georgetown’s Jesuit tradition, the school prepares undergraduates, graduate students, and participants in customized executive education courses to become globally minded, principled leaders in service to business and society. Learn more at msb.georgetown.edu. Follow us on Twitter: @msbgu.
Edge Research is a woman-owned small business that provides marketing research services to clients in the private, public, and non-profit sectors. Our responsive approach and commitment to informing client decisions with the best information and insights has made Edge a trusted partner to outstanding organizations and some of the biggest brands in the US. Celebrating 25 years in 2022, we have built robust practices in Education, Health, Financial Services and Technology, Small Business Solutions, and Philanthropy. For more about Edge or to view our other public studies visit us at https://edgeresearch.com/ or follow us on Twitter @EdgeResearchDC.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 56 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).
Berry Brady, Georgetown University
Phone: 1.703.609.6643|
berry_brady@yahoo.com
Don Vecchiarello, Bank of America
Phone: 1.980.387.4899
don.vecchiarello@bofa.com
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