Do you need a new compensation strategy for multigenerational staff?

  • Share:
performance

compensation strategy, multigenerational, generation, baby boomers, millennials, gen x, multi-generational

One of the top trends experts in the compensation field have identified is dealing with multi-generational workforces. Alongside baby boomers and Generation X, millennials continue moving into managerial roles and the oldest of Generation Z are finally trickling into the workforce. Companies are grappling with the challenge of managing different expectations across different age ranges, and one of the most difficult is the subject of compensation.

With as many as five different cohorts currently in the workforce (including the oftentimes ignored Traditionalists) from age 18 to 80, companies are struggling to come up with a one-size-fits-all strategy when it comes to compensation. Of course, the answer is that there is no magical solution that ties everything together. Employers will have to figure out a compensation strategy that works with, rather than against, the different demographics, priorities, and personality of each cohort. With such vast age differences, each generation approaches both work and compensation differently.

multi-generational, challange, state of work, workfront

Many companies do not treat multi-generational workforces as a compensation issue, but market leaders do. According to Payscale’s 2016 Compensation Best Practices Report, more than 50% of average companies have not and do not foresee changing compensation strategies to suit millennials and younger employees. However, 35% of top performing companies are already doing so, enacting changes to paid-time off policies, wellness benefits, and retirement.

  • Share:


« Return to "Trends"
TrendScan logo
<< Back to Articles

Latest Trends

  1. Identifying Marijuana-Related Businesses
  2. Cut Through the Noise and Deliver Value Members Want
  3. 3 Key Factors for Creating Good Content
  4. A Content Management System Will Make Your Life Easier
  5. Preparing a Transparency Communication Plan
  6. Credit Unions Could Replace Predatory Lenders
  7. Enterprise Risk Management — Where to Start
  8. Why You Need ERM in Your Strategic Planning
  9. Just How Distracted Are Consumers?
  10. Are You Properly Rewarding Your CEO?
  11. The Quickest Way to Understand Enterprise Risk Management (ERM)
  12. What Borrowers Wished Credit Unions Knew
  13. The Easiest Way to Deliver Content for Employee Development
  14. Opportunities and Risks of Banking for Marijuana-Related Businesses
  15. Experience Company Growth and Discovery with Employee-Driven Communication
  16. 5 Things Credit Unions Can Learn from Cyber Attacks
  17. Should You Still Be Concerned about ADA Website Compliance?
  18. What Is a DDoS Attack and Why Should Credit Unions Be Concerned?
  19. The Member Service Experience
  20. Become a Tax Resource for Members
  21. Are You Ready to Adopt a Continuous Performance Management System?
  22. Consumer Attitudes Toward Digital Advertising
  23. Building a Website with the User in Mind
  24. Don't Get Snagged on ADA Compliance Requirements
  25. Learning Management Systems: What Credit Unions Should Consider
  26. The Role of HR and Hiring Managers in the Candidate Experience
  27. The Quest for a One-Stop Shop Financial App
  28. Anticipating Change with a Succession Plan
  29. The Planning Process - Improved
  30. How Useful Are Member Personas for Credit Union Marketing Teams?
  31. The Performance Management Conundrum: Structure vs. Creativity
  32. 2 Big FinTech Goals for Credit Unions
  33. Americans' Lack of Financial Literacy Is an Opportunity for Credit Unions
  34. Credit Union Compensation: Philosophy or Strategy?
  35. Popular DDoS Mitigation Methods in 2019
  36. Volunteer and Young Board Members Need Development
  37. 7 Tax Changes Your Members Need to Know About
  38. 3 Website Design Trends for 2019
  39. What's Hot in Performance Management Technology
  40. Is Your Executive Compensation Still Appealing?
  41. Content Marketing: Well Worth the Effort
  42. Preparing for Compensation Transparency
  43. Your Social Media Accounts Deserve Quality Content
  44. Continuous Performance Management is Disrupting HR
  45. What Credit Unions Should Do with Ambiguous ADA Standards
  46. 3 Succession Plans Your Credit Union Needs
  47. Shifts and Trends to Know About in E-Learning
  48. Do You Know Why Payday Loans Are Used so Much?
  49. Omnichannel Delivery: Banking Based On Members
  50. Why You Should Invest in an Applicant Tracking System
  51. Why HR Should Take Advantage of Employee Self Service
  52. Consumer Appetites in Mobile Innovation
  53. The Website Audit Your Credit Union Needs
  54. Build Up Membership Through Supportive Savings Programs
  55. 3 Ways Credit Unions Can Prepare for a Cyber Extortion
  56. The Importance of Creating Quality Content
  57. Selling Payments and Wealth Management Services
  58. Is Your Credit Union Supported by the Four Pillars of Digital Banking?
  59. Optimizing Websites for Voice: What You Need to Know
  60. The Win-Win Results of Prize-Linked Savings for Credit Unions and Members
  61. Bankers associations’ opposition to mergers does a disservice to member banks and to consumers
  62. People Analytics: Bringing HR and Data Together
  63. Content, Tools, and Channels to Capture Consumer Attention
  64. Credit Unions Have an Opportunity to Help Their Members Through Tax Season
  65. 5 Guideposts to Measure Your Brand Promise Against
  66. Wanted: Apps for Clarification and Simplification
  67. Prioritizing the Credit Union Employee Experience
  68. The Quickest Way to Find the Right (and Safest) CMS
  69. 6 Factors for Choosing the Right ESS System
  70. The Best Compliance Training with New Topics You Will Need
  71. The Credit Union Advantage for the Digital Customer
  72. A Simple Way to Unify Your Marketing Efforts
  73. Is Your CMS the Right Fit?
  74. How to Identify What You Want in an ESS
  75. Americans Trust Their Financial Institutions for Tax Advice
  76. Are You Missing Out on the Power of Video?
  77. Are Your Landing Pages up to Snuff?
  78. Keeping Up with Digital Lending Convenience
  79. How Credit Unions Can Formalize the Branding Process
  80. Making Sure You Have the Right Leaders in the Right Seats
  81. 4 Steps to Increased Social Media ROI
  82. The Dream Team for Successful Online Customer Interactions
  83. Empowering Employees and HR with the Latest Technology
  84. Caution: Customers Don't Always Ask for What They Want
  85. What the C-Suite Wants out of Social Media
  86. Credit Unions Can Compete with Shadow Banks
  87. Serving the Underbanked and Millennials
  88. How to Generate Content with Fewer Resources
  89. Don't Undervalue Your Brand Promise
  90. Don't Underestimate the Power of Financial Education
  91. If Your Site Isn't Mobile Optimized, You're Losing Out
  92. 3 Factors Impacting Credit Union Compensation Plans
  93. How Credit Unions Can Embrace Storytelling in Marketing
  94. Protect Your Credit Union with a Website Accessibility Response Plan
  95. 3 Brand Promises Credit Unions Can Learn From
  96. Underestimate the Onboarding Process at Your Peril
  97. Leveraging Social Media for Member Engagement
  98. Remaining a Player in the New Home-Buying Experience
  99. You Know You Need an LMS — Now What?
  100. Finding the Best Platform for HR Technology
  101. Achieving the Golden “Narrative Transport” in Brand Storytelling
  102. The Process of Crafting a Relatable, Moving Brand Story
  103. Predict the Future of Mortgage Lending with Analytics
  104. You Might Already Have the Solution to Your Current Talent Competency Gap
  105. The Secret to Future-Proofing Your Organization
  106. Leverage the Resources of Trusted Experts for Tax Season 2019
  107. Three Ways to Enhance Compensation Strategy for an Age-diverse Workforce
  108. Common Mistakes in Compliance
  109. Keep content relevant, short, iterative and engaging
  110. Identify how chatbots will help you
  111. Three ways to up your social media game
  112. Do you need a new compensation strategy for multigenerational staff?
  113. Conversational Commerce and the Rise of the Chatbot
  114. Prepare for integration
  115. What others are doing

Related Trends

  1. Three Ways to Enhance Compensation Strategy for an Age-diverse Workforce
  2. Common Mistakes in Compliance
  3. Do you need a new compensation strategy for multigenerational staff?
  4. You Know You Need an LMS — Now What?
  5. The Easiest Way to Deliver Content for Employee Development
  6. Preparing for Compensation Transparency
  7. Preparing a Transparency Communication Plan
  8. Are You Properly Rewarding Your CEO?
  9. The Planning Process - Improved
  10. Volunteer and Young Board Members Need Development
  11. Are You Ready to Adopt a Continuous Performance Management System?
  12. Experience Company Growth and Discovery with Employee-Driven Communication
  13. What's Hot in Performance Management Technology
  14. Continuous Performance Management is Disrupting HR
  15. People Analytics: Bringing HR and Data Together
  16. Why HR Should Take Advantage of Employee Self Service
  17. Empowering Employees and HR with the Latest Technology
  18. The Role of HR and Hiring Managers in the Candidate Experience
  19. How to Identify What You Want in an ESS
  20. Finding the Best Platform for HR Technology
  21. 6 Factors for Choosing the Right ESS System
  22. Why You Should Invest in an Applicant Tracking System
  23. Underestimate the Onboarding Process at Your Peril
  24. Prioritizing the Credit Union Employee Experience
  25. The Performance Management Conundrum: Structure vs. Creativity

Industry insights
to your inbox!

Subscribe