The lack of attention to generational differences could thwart efforts to attract, motivate and retain top talent
Washington, D.C. (PRWEB) September 24, 2008 ––
A new WorldatWork survey finds that – when it comes to designing and implementing total rewards programs – generational differences in the workforce are not currently top of mind for compensation and benefits practitioners. Only 12 percent of respondents say this is a significant issue right now, though a majority believe it will warrant more attention over the next five years.
The WorldatWork survey, "Rewarding a Multigenerational Workforce," suggests that there is, at best, an awareness of differing generational needs by total rewards professionals. There does not appear, however, to be a concerted effort to proactively go beyond this recognition. The survey reveals that 56 percent of organizations do not consider generational differences when designing total rewards programs, implying that they may not feel a pressing need to address each generation uniquely or perhaps don’t have the tools to automate and manage the process. The survey also finds that 80 percent do not have an organization-wide strategy that calls for consideration of a multigenerational workforce when designing, administering or communicating total rewards programs.
"The lack of attention to generational differences could thwart efforts to attract, motivate and retain top talent," said Lenny Sanicola, benefits practice leader for WorldatWork. "Companies will soon have to confront the need for a rewards strategy to meet the diverse needs of a multigenerational workforce."
Other key findings:
- While a majority (64 percent) of companies have four generations (Silent, Boomers, Gen X and Gen Y) working side by side, only three percent are actively planning and executing employee rewards strategies for multiple generations.
- Of the programs included in the survey, organizations report that recognition programs (85 percent), paid time off (80 percent), and wellness initiatives (79 percent) are the most prevalent, likely because they are programs that meet cross-generational needs.
- When asked which generation they currently spend the most effort and resources to attract and recruit, over half (52 percent) stated they attract and recruit equally across all generations, 24 percent said they focus mainly on Gen Y and 20 percent on Gen X.
About the Survey:
WorldatWork conducted this survey to gather information about how employers are approaching the challenge of rewarding a multigenerational workforce. The goal was to increase understanding about the relationship between reward practices and generational issues, as well as identify best practices for rewarding multigenerational workforces.
A total of 372 members participated in this survey conducted between May and June 2008. The demographic profile of survey participants was similar to that of the overall WorldatWork membership. A typical WorldatWork member has at least five years of experience in human resources or compensation and is employed at the manager/assistant director level and above in the headquarters of a large company in North America.
The Total Rewards Association
WorldatWork is a global human resources association focused on compensation, benefits, work-life and integrated total rewards to attract, motivate and retain a talented workforce. Founded in 1955, WorldatWork provides a network of more than 30,000 members and professionals in 75 countries with training, certification, research, conferences and community. It has offices in Washington, D.C. and Scottsdale, Arizona.
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Phone: 202-315-5517 or 480-304-6885
E-mail: marcia.rhodes @ worldatwork.org