Three Ways to Enhance Compensation Strategy for an Age-diverse Workforce

  • Share:
performance

salery, workforce, compensation, strategy, communication, policy, policies, market

Identify cohort characteristics

The first step for many organizations in reviewing their compensation strategy for a multigenerational staff is to actually identify who is working in the office. Is it a hot new fintech startup with a skeleton crew of new college graduates and a few older visionaries? Or is it a massive financial institution with hundreds of employees across dozens of physical locations?

How likely is this to change in the near term? A company that employs mainly millennials may not be looking into wellness programs for older employees or vice versa. Credit unions will likely employ a range of workers across the age spectrum, so it will be necessary to plan for a diverse workforce.

Traditional salary surveys are still important

Salary surveys can play a pivotal role in your compensation policy plans, helping you to determine the market value of a position that is fair and equitable. Knowledgeable employees are also likely to do market research on their own, and salary surveys help keep your compensation policies competitive.

retirement, gen x, employees, boomers, recession

Market data is one of the best metrics to establish a position’s external worth, allowing the job to be assigned into a salary range for easy administration. The alternative would be to annually market price each individual position, which can be a labor intensive process. Additionally, this process may not be as consistent or credible if the market sources come from a variety of informants, some of which may not have the number of participants to provide reliable data.

Communication

Numerous surveys have shown that proper communication regarding compensation policies

can ward off frustration and resentment. Employees are much more understanding if they know why they are getting paid what they are. According to PayScale, 82% of employees would feel satisfied with below-market pay as long as the reasons were well-communicated.

Poor communication on the other hand, will lead to employees feeling under-appreciated and underpaid. Nobody likes to be kept in the dark, especially on something as important as compensation, so make it clear how decisions are made, how bonuses and merit raises are awarded, and the potential for pay growth. Make sure employees know there can be a candid dialogue regarding their pay.

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

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