A multi-generational office can be enriching for all team members, but it also presents unique challenges to effective management. Beyond matching compensation levels to experience and responsibilities, employers also now have to take into account the different compensation preferences of up to five generations. When it comes to attracting and retaining a talented team, employers need to consider compensation factors that go beyond the paycheck.
Younger generations are less likely to build a life-long career at one company, and so they value career development and personal growth.
When identifying incentives for millennial workers, employers can consider funding their LinkedIn accounts, relaxing the office dress code, or sponsoring happy hours where younger employees can connect with more experienced staff.
Recent research has shown that Generation X’s priorities lie in managing their work-life balance, and many will consider sacrificing higher pay for jobs that are less demanding of their time. For Generation X, paid time off is a significant incentive. Meanwhile, Baby Boomers are generally less interested in social incentives, and will be more focused on benefits and matches in retirement plans or pension programs. While experienced-based compensation is expected, additional incentives can help retain employees across all generations.
Contact Madison Approach Staffing today to discuss how our Direct Hire, Temp to Hire, Temp Staffing, Training, Payroll Transfers and Benefits Administration services can benefit your business.
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