HR benchmarking report for total rewards strategy at multigenerational organizations
How are HR professionals managing total rewards strategy at multigenerational organizations?
Building, managing and maintaining an effective total rewards strategy (TRS) is critical to attracting and retaining today’s top talent.
How are HR leaders approaching TRS to satisfy the array of needs between different generations? What challenges have they faced, and how are they planning to adapt over the next 12 months?
One minute insights:
Onboarding data, recruitment data and employee surveys are key tools for gathering intergenerational workforce data
Communicating the value of TRS to a multigenerational organization is a common challenge
Boomers are the most satisfied generation when it comes to TRS, while Millennials are the most dissatisfied
Over half of organizations plan to launch rewards specifically tailored to the needs of different generations
DEI training programs are the leading initiative for building a work culture inclusive of all ages
Nearly three-quarters of HR professionals (74%) say their organization uses analysis of onboarding/recruitment data to gather data about generational diversity.
How does your organization gather data about the generational diversity of your workforce? Select all that apply
Not applicable 2% | Other (fill in) 2%
n = 61 Other text: Focus groups
The most selected initiative organizations have in place to foster an intergenerationally inclusive work culture is DEI training programs (80%).
What initiatives does your organization have in place in order to foster a generationally inclusive work culture? Select all that apply.
Policy and procedures for ageism 20% | Policy and procedures for neurodiversity 11% | Not applicable 5%
n = 61
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Question: What should your organization change about your total rewards strategy in order to more effectively appeal to a multigenerational workforce?
We are an organization that believes in diversity, inclusion, pay equity and employee satisfaction. In my opinion, in order to be more effective and appeal to [a] multigenerational workforce, we must reward them at the completion of various milestones like completing 10 years etc.
[Offer] rewards across [all] generational workforces without favor to the earliest generation.
Organizations struggle to communicate the value of TRS to a multigenerational workforce
Over half of HR professionals have faced challenges related to balancing the diversity of multigenerational needs (59%) and communicating the value of their total rewards program (56%).
What challenges has your organization faced implementing a total rewards strategy that meets the demands of a multigenerational workforce? Select all that apply.
Maintaining competitiveness 34% | Overcoming ageism 28% | Acquiring leadership buy-in 21% | Not applicable 5%
n = 61
Question: What should your organization change about your total rewards strategy in order to more effectively appeal to a multigenerational workforce?
It's tough to cater to all the workforce equally, we are implementing a strategy for groups of people based on data analysis.
To improve TRS satisfaction, organizations turn to employee surveys and plan to expand benefits
80% of organizations collect feedback from employees to understand the effectiveness of their TRS as it relates to a multigenerational workforce.
Does your organization collect feedback from employees, in order to understand the effectiveness of your total rewards strategy, as it relates to multigenerational differences?
Note: May not add up to 100% due to rounding
Among organizations collecting/planning to collect employee feedback about their TRS (n=49), the primary means of collecting that feedback is employee surveys (73%).
How does your organization primarily collect that feedback?
Other internal reporting system 0% | Other external reporting system 0% | Other (fill in) 0%
Note: May not add up to 100% due to rounding
Question shown only to respondents who answered “Yes” to the question, “Does your organization collect feedback from employees, in order to understand the effectiveness of your total rewards strategy, as it relates to multigenerational differences?”
According to employee feedback collected by HR respondent’s organizations, 80% of Boomers (aged 59+) are satisfied with their total rewards strategy. Millennials (aged 27-42) are the most dissatisfied demographic (19%).
According to collected employee feedback, how satisfied are the following generational demographics about your organization’s total rewards strategy?
Note: Ranges may not add up to 100% due to rounding
n = 61
Question shown only to respondents who answered “Yes” to the question, “Does your organization collect feedback from employees, in order to understand the effectiveness of your total rewards strategy, as it relates to multigenerational differences?”
Over the next 12 months, 56% of organizations plan to implement an expansion of benefits specifically tailored to various generational needs.
What strategies does your organization plan to implement over the next 12 months to improve the success of your total rewards among multigenerational employees? Select all that apply.
Improving career growth opportunities 30% | Expanding retention efforts 23% | Investing in additional HR technologies 21% | Investing in employer branding 10% | Not applicable 2%
n = 49
Question shown only to respondents who answered “Yes” to the question, “Does your organization collect feedback from employees, in order to understand the effectiveness of your total rewards strategy, as it relates to multigenerational differences?”
Question: What should your organization change about your total rewards strategy in order to more effectively appeal to a multigenerational workforce?
I believe we should move away from a transactional mindset and focus on a more holistic approach to total rewards. This includes focusing on employee well-being, investing in employee development, and creating a more inclusive workplace. By taking these steps, we can create a more appealing and inclusive workplace for all employees, regardless of their generation.
We need to start adapting to changes between generations because if we don't, we won't be able to offer a good total rewards strategy for all employees; listening to the customer is very essential during this process.
Rewards and recognition policies should be made more inclusive and the leadership board should consist of individuals representing different generations. If this is not possible then the organization can form a shadow executive board comprising of generational workforce, which will not only reward and engage the top talents but also be an advisor to the actual board to deal with generational diversity among other things.
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Respondent Breakdown
Note: May not add up to 100% due to rounding
Respondents: 61 HR professionals whose organization is multigenerational and has a total rewards strategy in place