Executive Briefings

Tailor Compensation Plans to Needs of Your Employees

Rewarding employees can ultimately lead to an increase in your bottom line. This can be achieved through the creation of a strong performance compensation plan.

But let's take a look at today's workforce. Who are we? Employee demography is the study of the composition of a social entity in terms of its members' attributes, and includes such factors as gender, age, ethnicity, occupation, seniority, salary levels, and marital and family status.

The last decade has brought about significant change to the global workforce: employees are changing in their values and expectations, their demographic diversity, their education, and their willingness to accept change. Some are looking to make more money, while others may be more concerned with vacation time. Some are expecting certain packages based on the level of education they have achieved, while others are just happy to be employed, given the context of such a fiercely competitive job market. Employers must respond to this diversity by designing a strong compensation strategy that ensures that all types of employees are considered in the overall plan.

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Rewarding employees can ultimately lead to an increase in your bottom line. This can be achieved through the creation of a strong performance compensation plan.

But let's take a look at today's workforce. Who are we? Employee demography is the study of the composition of a social entity in terms of its members' attributes, and includes such factors as gender, age, ethnicity, occupation, seniority, salary levels, and marital and family status.

The last decade has brought about significant change to the global workforce: employees are changing in their values and expectations, their demographic diversity, their education, and their willingness to accept change. Some are looking to make more money, while others may be more concerned with vacation time. Some are expecting certain packages based on the level of education they have achieved, while others are just happy to be employed, given the context of such a fiercely competitive job market. Employers must respond to this diversity by designing a strong compensation strategy that ensures that all types of employees are considered in the overall plan.

Read Full Article