A recent study conducted by World at Work, “Beyond Compensation: How Employees Prioritize Total Rewards at Various Life Stages”, has revealed that employees have different reward priorities depending on their age, work experience, parental status and other demographic variables.
While more experienced, older workers value good benefit packages, younger workers are looking for work-life balance and career advancement. Understanding that employees priorities differ depending on their life stage naturally implies that rewards and benefits should be customizable in order to keep every employee happy, attract and retain top talent.
However, customizing employee rewards is not quite popular among managers and human resources, as it requires extra time and effort and being creative. Treating everyone the same is after all much simpler.
According to Ryan Johnson, CCP, vice president of publishing and research at World at Work, “A one-size-fits-all approach no longer works given the increasing diversity of today’s workforce.” Recognizing this is crucial for managers who seek organizational success. "Smart managers invest the time and energy to understand, design, negotiate and monitor a customized arrangement as a means to retain top talent," adds Johnson.