LTC Newsletter – August 2023

Is it Time for a Total Rewards Makeover?

By Terry Lauter Comp

Isn’t it nice to catch your breath after a crazy season of making deals to keep existing top performers, while chasing salary offers to bring in new talent? Many of our clients have been engaged in such a struggle to find and retain good people in a very competitive climate for some time.  While the talent war hasn’t ended, it does seem to be cooling off just a tad.  Looking at where we are with fresh eyes, it feels as though the time is now to reassess your employee value proposition and look again at your Total Rewards portfolio to position your organization for the next phase of the talent war.

One of the post-covid changes that most impacts how employees perceive total rewards is the shifting demographics in the workforce. With some 50% of workers 55 and older having now left the workforce, most employers today are trying to structure rewards programs to meet the needs of the most diverse group of workers ever. Given the significant differences in needs, demands, and life focuses of the several generations now comprising our teams (Boomers, Millennials, Gen X, Gen Z), smart employers are taking a fresh look at the makeup of their workforce and thinking about how to best structure rewards and best communicate them.

But how? For starters, if you have seen big differences in various groupings of workers within your employee population, it could be helpful to identify the different segments, and take the time to learn more about their specific needs, interests, and preferred communication styles.  This data will help you to not only focus on the rewards that are most meaningful to each group, but also communicate your package in such a way that is interesting and engaging to each. For example, a large group of early career workers with limited disposable income will be most concerned about their total cash compensation and any available means of increasing their earnings, while recently promoted professionals may be looking for opportunities to save for the future.

Here’s the bottom line: It’s complicated! Your rewards portfolio needs to appeal to the many types of employees that make up your overall workforce, and you need to communicate it all in a way that works for them, too. If you need help in addressing your rewards challenges or messaging the program to your team, click here to connect with one of our Total Rewards professionals now.

Terry Lauter Comp is a founding principal at LTC, with experience as a Corporate HR Vice President, national/international consultant, graduate/undergraduate business instructor, author, and community leader. She serves as Practice Leader for Performance and Organizational Development. Terry received her MA degree in Educational Psychology from UCLA and has been accredited as a Sr. Professional in Human Resources (SPHR). She is the co-author of the book, “Think Inside the Box: The Secret to Partnering with Your Employees to Drive Growth and Profit.”