Creative HR Programs that Span Generations
Whether you are a member of the Baby-Boomer, Gen X, or Gen Y generation, chances are that your year of birth has a direct impact on your work habits. The same goes for your employees. The key to successful recruitment and retention is learning how to tap into these behavioral factors and customize your HR programs accordingly.
(PRWEB) October 1, 2004
Creative HR Programs that Span Generations
New York, NY (PRWEB) October 1, 2004 – Whether you are a member of the Baby-Boomer, Gen X, or Gen Y generation, chances are that your year of birth has a direct impact on your work habits. The same goes for your employees. The key to successful recruitment and retention is learning how to tap into these behavioral factors and customize your HR programs accordingly.
Each generation has its own priorities and goals. Baby-Boomers (born between 1945 – 1965) are sending kids through school and approaching retirement. Their strong sense of loyalty, not to mention their years of knowledge and experience make them vital members of the workforce.
Generation X (born between 1965 – 1980) are focused on their career development, work/life balance and childcare. They are drawn to opportunities that allow them to learn, enjoy and be recognized. They are known to be tech-savvy and independent.
Right behind Generation X is Generation Y (born between 1980 – 1994), a group that is valued for its individuality, efficiency and uniqueness. This group is driven by a strong need for instant gratification, and according to Bruce Tulgan in “Managing Generation Y – Part 2”, are even more tech-savvy than their Generation X siblings.
According to Mike Maciekowich, Astron Solutions’ National Director, employers must first set the groundwork. “It is important that organizations have a structured compensation philosophy prior to allowing for generational difference. The compensation policy acts as a blueprint to follow in the design and implementation of the program,” says Maciekowich.
Once these key components are put into place, HR practitioners can then continue with their generational compensation design.
As Maciekowich explained, “It’s imperative to keep reward strategies flexible. Generational benefits are all about flexibility.” He also stressed that employers must be aware of discrimination issues. “To stay within the legal boundaries, try using seniority as a factor in paying for healthcare coverage. The idea is to reward seniority, but not in pay, in order to avoid artificial compression and problems with equity.”
Employers must understand what rewards their employees more. “Pension benefits are more important to Baby Boomers. Generation X and Generation Y are more concerned about their personal career development and their personal wealth accumulation,” added Maciekowich.
In addition to the desire to retain the best workers, the statistical reality is that as the Boomers approach retirement age, there are fewer members of Gen X and Gen Y to replace them. Therefore, it is vital that employers take the necessary steps to keep their employees happy.
If you would like a copy of Mike Maciekowich’s presentation, “Tailoring Your Total Rewards Package to Meet Workforce Needs” please send your request to smterry@astronsolutions. com. If you are interested in having Mr. Maciekowich speak at your conference or organization on this topic, please send an email to info@astronsolutions. com.
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