Compensation and the Multi–Generational Workforce

According to a recent Compensation and Benefits Report by Hudson (NASDAQ:HHGP), over one–fifth of workers in the nine major industries are “not very satisfied” or “not at all satisfied” with their present compensation and benefits package.

This isn’t surprising considering that today’s workforce is comprised of three distinct generations—the Baby Boomer generation, Generation X and Generation Y (the millennial generation)—each wanting different things in compensation and benefits, according to conventional wisdom.

While money continues to burn holes in the pockets of U.S. employees and remains a primary factor in taking or keeping jobs—58 percent of employees polled in the Hudson report said they would consider leaving their job for higher pay—other aspects of compensation are important.

It comes down to a few different things—pay, benefits, training, career development and personal growth, paid time off and work–life balance—and how companies use those things to attract and keep employees. Any one of these could make or break a hire or turn an existing employee’s attention elsewhere.

To succeed in recruiting and keeping members of every generation, companies need to be flexible in how they can compensate prospective and current employees. They also need packages that they can tailor to individuals who may deviate from the rest of their generation in what they want in compensation.

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