Happy Friday! ‘This week in CX’ brings you the latest roundup of industry news.
This week, we’re looking at a disconnect for Gen Z’s employee benefit needs, and HR professionals wishes to take on AI solutions to help with burnout.
Key news
- Zoom Workplace is now available in AWS Marketplace, a digital catalog with thousands of software listings from independent software vendors that make it easy to find, test, buy, and deploy software that runs on Amazon Web Services (AWS). Now customers can seamlessly purchase Zoom Workplace products –- such as Meetings, Team Chat, Phone, Whiteboard, Spaces — as well as Zoom Contact Center and Revenue Accelerator in AWS Marketplace.
- There’s a growing trend of millennials leaving their traditional careers in pursuit of a more fulfilling and less stressful lifestyle. It’s referred to as the “soft life” and the concept is gaining popularity online, the Guardian reports. Millennials, having experienced the cost of living crisis and multiple recessions, are increasingly questioning the value of hard work when it doesn’t lead to promised rewards.
- The UK has signed a landmark agreement with the US on artificial intelligence, the Financial Times reports. The agreement – signed on Monday in Washington by UK science minister Michelle Donelan and US commerce secretary Gina Raimond – will see the allies formally cooperate on how to test and assess risks from emerging AI models. It details how the two governments will share technical knowledge, information and talent on AI safety.
- Amazon Fresh’s senior vice president has confirmed it will discontinue its “just walk out” checkout-free technology. First launched in the US in 2016 and reaching the UK in 2021, the system allows shoppers to leave stores without paying at the checkout, with customers charged automatically through their Amazon accounts. However, the roll-out of cashierless stores was paused last year and its maiden UK branch in London’s Ealing Broadway was closed. Amazon says it will now prioritise “smart trolley technology” in its grocery stores, comprising a scanner and screen embedded in shopping carts that allow shoppers to checkout as they shop.
Gen Z’s Financial Goals Align Well With Traditional Benefits
New research from The Standard shows a disconnect between what employee benefits Gen Zers say they want and what HR leaders think Gen Zers want — with the happy accident that Gen Z’s goals and values generally align with many of the benefits typically offered by employers.
While the carrier has conducted research exclusively on Gen Z’s view of benefits, The Standard’s latest study looks at HR leaders’ perception of what Gen Z wants from employers and their benefits programs.
Key findings from the research:
- Many HR decision-makers underestimate the value Gen Z places on retirement plans and paid family and medical leave as well as life, supplemental, dental and disability insurance. For example, only 12% of HR leaders say Gen Z ranks life insurance as “extremely valuable,” but 53% of Gen Zers characterise it that way.
- Gen Z and HR leaders agree medical insurance is Gen Z’s most valued benefit. After that, there’s less alignment. Gen Zers indicate their second and third most valued benefits are paid family and medical leave and retirement savings plans. But HR decision-makers say Gen Z ranks flextime, remote work and student loan repayment as No. 2 and No. 3 (with remote work and student loan repayment tying for third).
- Earning and saving are more important to Gen Z than HR leaders believe, while paying off debt is less important to this age group than HR decision-makers say it is. 57% of HR leaders indicate saving is a financial goal for Gen Z. That’s in contrast to 79% of Gen Zers who say the same. And, while 59% of HR leaders think paying off debt is a goal for Gen Z, only 37% of Gen Zers agree.
Enhancing benefits to meet the needs of today’s workers remains a priority. But the research shows employers can avoid costly benefits overhauls by meeting Gen Zers where they are. That includes offering more effective messaging on existing benefits and using financial literacy as a low-cost way to partner with benefits providers.
HR Leaders Ready to Embrace AI in the Face of Burnout
A new global report from Sage reveals that HR leaders welcome AI to ease the burden of admin jobs, take away time-consuming tasks, and, ultimately, ease burnout.
The annual report, titled ‘The Changing Face of HR‘, surveyed over 1,000 HR leaders across a range of sectors and countries, finding that 77% believe AI has the potential to revolutionise ways of working within their company. With 95% of respondents reporting an increase in their workload over the past year and 91% seeing an increase in more responsibilities in their role.
The research also revealed that:
- Amount of work (80%), low morale and burnout of employees (79%) and limited budgets (79%) are the top challenges keeping HR professionals up at night
- 80% of HR professionals believe the role of HR will change considerably due to AI
- 71% of HR professionals believe implementing AI in HR tasks will create more jobs
- 45% of HR leaders are currently using HR metrics, 44% are utilising automation, and 43% employing cloud HR solutions, showing a significant shift towards automation and analytics