In this competitive labor market employers continue to look for ways to reward employees and hire qualified candidates. According to the Department of Labor, the unemployment rate is currently at 4.1% (November 2017), which is a far cry from 2010 when unemployment was over 9%. With these lower unemployment numbers and multiple generations working under one roof, employers need to understand their workforce composition and what benefits those employees value.
Understanding your workforce composition is the first step to ensuring that you’re tailoring your rewards program to your specific workforce demographic. Performing a workforce evaluation study will help classify your population (categories listed below) and provide you with insight as you develop and manage your compensation and benefits program.
Generally speaking, employees want rewards but at different times as they move through their career path. For example:
- Entry Level employees value career growth, income, and recognition
- Mid-Career employees value income, flex time (as their family grows), and career growth
- Established employees value flex time, health and wellbeing, and income protection
- Pre-retirees value health and wellbeing, income protection, and career accomplishment
The workforce evaluation study provides a high-level framework by illustrating employee distribution across all career paths. Having this information should help align your compensation and benefits to meet the needs of your employees.
In addition to a workforce evaluation study, you should also be asking your employees for their perceptions and thoughts of your specific organization. Employee engagement and satisfaction surveys are effective ways to gather feedback. Employees can then express 1) where they see value and 2) where improvements can be made within the organization through these anonymous surveys.
Understanding your employee composition and their key drivers are great steps to maximizing your rewards program and enhancing your engagement levels, which will ultimately help drive your business goals.
If you have questions or interested in a workforce evaluation study, please contact HCW.