As more generations are working together than ever, managers are challenged to understand how to design compensation processes that not only meet the needs of the business but also have the power to recruit and retain this diverse workforce.
I spoke with TLNT.com, on the importance of providing the benefits, perks, transparency, and fairness that have broad appeal. The article discusses how through the application of new technologies, businesses can ensure greater pay transparency by:
Helping employees understand why they are being paid the salary they are, and how their performance ties back to overall organizational goals.
Showing how compensation is optimized and personalized to meet individual and employee needs.
Providing salary is based on factors that contribute to worker performance and not on discriminatory factors such as age, race, and gender.
Reimagining pay starts with leveling the pay playing field for all employees. By using employee compensation and performance data, businesses can begin to provide greater pay transparency and eliminate generational challenges, such as workplace diversity and pay equity.
Get the tips you need to develop programs to effectively attract and retain talent for years to come with our e-guide: How The Next Generation of Workers is Changing the Culture of Total Rewards.