In this economy — with the current and future workforce — it’s vital to offer a total compensation plan of base compensation, incentives, benefits, time off, ancillary, etc.
Just like you would research a new product or service before launching it, including taking a futuristic approach, you need to study your workforce’s demographics to determine what employees want out of their jobs. Is there an ideal combination, a total compensation offering, that is competitive, cost-effective and compliant for all generations? Bottom-line, the answer is no.
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