Next Generation Consulting and WorldatWork have released a new research report addressing the importance of customizing rewards packages and not treating employees the same.
The survey, found that respondents value different rewards at different stages of life and these rewards go far beyond compensation to including benefits, work/life balance, career development and recognition.
According to the report, co-authored by ATOM contributor Rebecca Ryan, found that the implication is that compensation professionals, HR practitioners and managers who understand their employees life stages and rewards priorities can begin to fashion a more relevant and meaningful rewards package, thereby increasing their odds of retaining employees and driving down turnover and replacement costs.
The report offers these key findings:
Work-life is significantly more important for women with young children.
Benefits are significantly more important for breadwinners, particularly female breadwinners who are further along in their careers.
Development is significantly more important for young employees (under 40) who are not yet supervisors.
Older employees value benefits more; younger employees value work/life balance and career development more.
NGC was able to do the research thanks to a grant from WorldatWork, a global human resources association focused on compensation, benefits, work/life and integrated total rewards to attract, motivated and retain talent.
To read the report, go to http://www.worldatwork.org/waw/adimLink?id=37007.