As employers plan for the workforce of the future, much time and effort has been focused on training and techniques for managing multiple generations within the workforce.
After all, we have to adopt our approach for managing our most important resource. Why then, are we not ceasing the historical approach for a one-size-fits-all method for Total Compensation — providing base pay, incentives, retirement, time off, ancillary benefits, and perquisites?
It is essential to consider alternative approaches for creating and implementing Total Compensation packages. Now that multiple generations exist in the workforce, all with varied attributes and differences, a one-size-fits-all Total Compensation approach should no longer be considered. These new approaches must also be cost-effective, compliant, and competitive.