This week, we’re taking a look at the recent graduates of Generation Z, retirement savings woes, and the latest state to ban the box: Vermont. Each of these stories reveals a growing trend for many Americans.
Vermont is the Latest State to “Ban the Box”
Vermont’s ban-the-box law became effective on July 1. The regulation was signed into law over a year ago in May of 2016. The law, like many other ban-the-box laws in the U.S., prohibits employers from requesting “criminal history record information” on initial job applications. So what does this mean for employers?
Employers may still run background checks and ask about criminal history during an interview or after the applicant has been deemed otherwise qualified for the positon. Want to know the ban-the-box rules for your state? Check out our interactive map!
Gen Z Rising: Cohort is More Pragmatic, Plans to Stay With Employers Longer
The oldest members of Generation Z (born roughly from 1993 to 2010) have entered the workforce. A recent survey from Accenture Strategy found that most members of Gen Z view work life differently than their older Millennial brothers and sisters.
The survey found that most are “very concerned” about being unemployed or underemployed, which may bode well for employers. Unlike Millennials, who’ve tended to switch jobs quickly, members of Gen Z are willing to commit three to five years to a single employer.
Employees’ Early Use of Retirement Funds Worries Employers
More workers than ever are depleting their employer-sponsored retirement plans. This is due to taking out loans and failing to pay them back, taking hardship withdrawals, and failing to roll over retirement plan savings when they change jobs.
This means that people may not be ready for retirement when the time comes, an economist focused on retirement research said. This can make plans more expensive in terms of the fees charged by the record-keeper on a per-account basis.
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