The L-Blast | March 2022
Compensation for a Multigenerational Workforce
Employers are currently facing challenges on all levels. Among them are human capital concerns regarding attraction and retention, and their direct link to compensation and the total rewards landscape. Today’s workforce is composed of multiple generations, presenting additional challenges in setting compensation, benefits, and the EVP (employee value proposition) as a whole.
In this month’s L-Blast we explore these four generations and provide guidance for managing and compensating a multigenerational workforce. We share insights on each generation and offer advice on how to appropriately reward each group to achieve greater retention. While a multigenerational workforce is certainly a challenge for companies, there are also advantages to having these different generations working side by side as you’ll read in the articles presented below.
We hope you find this information insightful and aids in your compensation decisions. As always, let us know if you have any questions regarding the topics shared in this L-Blast, or if you need help developing a compensation strategy to effectively reward and retain your most valuable asset, your people.
In times of economic uncertainty and heightened retention concerns across all employers, utilizing capital to its highest utility is of the utmost importance. NFPCC has been diligently focused on the strategic use of compensation within client organizations. Specifically, NFPCC has consulted with clients to understand philosophical and psychological differences amongst their respective workforces.
Understanding Today’s Multigenerational Workforce: Benefits, Challenges, and 9 Best Management Practices
Multiple generations comprise today’s workforce, and each has varied work habits, expectations, and communication styles. Employers who implement strategies that optimize a multigenerational workforce can bolster their business goals. What strategies can your organization use to reap the benefits of a multigenerational workforce?
Managing compensation & benefits of a multi-generational workforce
Understanding the employee overheads from the generational perspective helps the human resource department optimize this cost and utilize it to the advantage of the workforce.
“Companies have to work extra hard to build the confidence of the millennials. [This] trust doesn’t form at an event in a day – it is built with slow and steady consistency and through creating mechanisms to allow those little innocuous [trust-building] interactions to happen”.
2022 Midstream and Upstream Industry Compensation Surveys
We are working through some changes to our surveys platform and the dates listed on our website are not definitive. We apologize for any inconvenience this may cause and will provide more information and updates as soon as they become available. Thank you for your patience as we work through this.
New Website Coming Soon!
We are Rebranding as NFP Compensation Consulting
A new website is underway as we continue our transition to NFP Compensation Consulting. Our web address will remain the same but our site will have a whole new look. We will communicate further details as they become available. Thank you for your patience and support during this time.