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

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