Finding and keeping best in class talent is crucial for organizations of today with each company doing their best to stay up to date with the new generations moving into the workforce. Knowing what these youngsters are looking for is key to their success. Here, we will primarily focus on perks, benefits and compensation and aim to find out what is it that employees now want from their employers.

1. What Do Employees Value More - Benefits, Perks or Compensation?
Finding and keeping best in class talent is crucial for organizations of today with each company
doing their best to stay up to date with the new generations moving into the workforce. Knowing
what these youngsters are looking for is key to their success. Here, we will primarily focus on
perks, benefits and compensation and aim to find out what is it that employees now want from
their employers.
Change to Workforce
The younger generations, commonly defined as Millennials or Generation Z, are no longer
expected to work many years with a single employer. They are not looking for the stability their
parents once did, but for different perceived advantages being offered. To give an example, the
new generation will keep looking for a beneficial learning and development structure.
Are organization really at this stage where they can take care of their younger employees?
The younger generation is interested in being promoted every 1-2 years along with visible
change in their job responsibilities. They are not in fact looking for merit increment rather than
looking for the project based assignment and some metrices to reward on their
contribution. They are looking for enough learning opportunities to thrive in this economy. What
they do not want is a permanent employer and fixed salary where they are constrained and only
focused on fixed organizational benefits. They combine learning opportunities and networking
inside the system and having a good sense of professional aspiration.
Prioritising Benefits
While defining benefits, the main verticals we will look into are Paid day offs, Supplementary
Pay, Retirement and Insurance and how their value has changed over time along with lesser
benefits.
Examples of this could be, times changing to include men in gender-specific roles such are child
rearing. Organizations could allow those changes to reflect in their policy too, including paternity
benefits along with maternity benefits. Similarly, the value of certain benefits like retirement
compensation and pension has decreased considerably over time as people seldom spend their
entire career with a single organization. Loyalty to their profession or even moving away from
their professional aspiration to a different tangent are more than a new norm.
The future of these benefits is uncertain as their relevancy appears lost in a fast-changing
market. This question must be re-examined by organizations as to what newcomers are looking
for when they join - Is it benefits like learning opportunities, leaves or something else entirely?
By asking these questions, and keeping a flexible mindset and thinking long term, it would be
possible for organizations to find relevant benefit programs.
Changing Tastes
There is a stark contrast in the needs and wants of the differing generations. Many amongst the
younger generation are much more health conscious and interested in social engagements
whilst the older generation place much less emphasis on lifestyle activities.

2. When we look at these trends, it appears that we might have to restructure perks and benefits to
best fit the changing habits and lifestyles of employees. Organizations could possibly look into
offering health benefits or flexible timings to suit the requirements.
While employees used to get a set amount of leaves a year, the concept of a digital nomad is
now common in our lexicon with unlimited leaves being used when needed. While some
organizations are testing the possibilities that a more balanced approach offers, others are
waiting to see the effects on productivity and satisfaction.
Relevancyof Benefits
When talking about job satisfaction, it becomes apparent that some perks and benefits are more
valuable than others. Ask yourself, do benefits like club memberships, and free food still matter?
Are benefits that organizations offer still relevant?
While the main verticals obviously still hold pride of place, learning and development are
becoming increasingly important with youngsters interested in tuition reimbursement and
professional development opportunities. This means that the younger generation has a realistic
outlook on the future and are looking for the room to grow and enjoy their personal time.
The question remains, can we implement a policy which is more forward thinking?
Striking a Balance
With the different preferences present amongst generations it would not be an easy task to
please either side without compromise. However, creating a flexible workplace culture that
encourages ownership is a good common ground. Balance out the needs and desires of each
generation with a salary structure that makes them feel appropriately compensated, whether it
includes bonuses, equity options or benefits.
When we are talking to a global generation, do you think that we should up our practices to their
directions?
Organizations might not be able to fulfil every desire an employee might have, but they can still
offer them an honest view of their place and progression. Making sure that the employees are
appreciated and that their value is understood could be expressed in more ways than mere
salary.
With changing business landscape, is it necessary for the employer to hire skill at premium or
using the skill for certain period (may think of employing through gig economy) is the choice left
to the organization. However, still the basic principle, a strong company culture and thoughtful
benefits will be central to holding on to good talent. Make your organization a positive and
driven environment and any employee would be glad to work there.