It is not uncommon for baby boomers to now work side by side with co-workers from generation X and generation Y. Each of the generations in the workplace today grew up in times with widely varying political and social issues, technology, and other factors, which have affected their attitudes on everyday life. As an employer, it’s important to understand each generation’s needs and to provide them with the work environment and rewards that make them happy.
The basic employment packages for businesses are based on the needs of baby boomers, a very loyal generation of workers, typically staying with the same company for many years. Employees of this generation value their benefits, such as health insurance, life insurance, and vacation time. To determine if their company is providing salaries and benefits that are on target with the industry average salary, many employers turn to market compensation and benefit survey data. These baby boomer employees that have stayed with a company for most of their careers have invaluable knowledge and experience that is essential to business operations; because of this knowledge, it’s valuable to keep them happy and reward them for their loyalty.
While it is important to keep baby boomers satisfied by analyzing market compensation data, benefit survey data and salary reports, it is also essential for employers to look at the needs of the upcoming generations. Many baby boomers are in management positions but will start to retire around the same time leaving a large number of open positions. It is essential that skilled employees of the X and Y generations be ready to take their place.
The new generations of workers enjoy benefits like the baby boomers, but these employees prefer additional incentives and small tokens of appreciation for their efforts. This generation is not as loyal to the companies they work for, and have no problem moving to a job at another company every two or three years. For this reason, it is even more important to build loyalty with employees of these generations by providing them with the benefits and incentives they desire. It is very beneficial for companies to use benefit survey data, market compensation data, and salary reports to determine the types of compensation, including incentives that are standard for the industry. Having this data will help companies to stay competitive with other employers by creating appealing benefits packages that will attract and retain top talent.
Today’s world moves fast, and as an employer, you should constantly be monitoring and adjusting your business operations to meet the ever-changing wants and needs of your employees. At WageWatch, we offer accurate, up-to-date benefit survey data, market compensation data and salary reports that will allow you to stay current with the times. This information is highly beneficial in creating the best salary and benefits packages that meet or rival the industry standards. For more information on our services, including market compensation data, benefit survey data, and salary reports, please call WageWatch at 888-330-9243 or contact us online.