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Total Reward Design for an Intergenerational Workforce - Compensation Strategies

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CBIZ, Inc.
CBIZ, Inc.

Total Reward Design for an Intergenerational Workforce: This presentation discusses: • An overview of generations • Compensation strategies for rewarding and motivating the inter-generational workforce including Base salary, Incentives, Benefits and Pay increases. Ed Rataj is a nationally recognized compensation expert, Certified Compensation Professional and Managing Director of Compensation Consulting with CBIZ Human Capital Services. For more information about CBIZ Human Capital Services, visit http://www.cbiz.com/page.asp?pid=6034.

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CBIZ Human Capital Services Total Reward Design for an Intergenerational Workforce
Introduction ,[object Object],[object Object],[object Object],[object Object]
Overview ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Why Specifically Focus on Generations? ,[object Object],[object Object],[object Object]
One Note About Generalizations… Important!
* New to the workforce, characteristics still being defined Generations Born Age Traditionalists 1930-1945 66-81 Baby Boomers 1946-1964 47-66 Gen Xers 1965-1978 33-46 Gen Yers 1979-1990 21-32 Gen Z/Millenials* 1991 & Later 20 & Younger
The Emerging Workforce Has Different Values* *CEO Magazine Traditional (1930–1945) Boomers (1946–1964) Gen X (1965–1978) Gen Y (Born 1979–1990) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Traditionalists - Characteristics ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],66-81 years old
Traditionalists - Communication ,[object Object],[object Object],[object Object],[object Object]
Baby Boomers - Characteristics ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],47-66 years old
Baby Boomers - Communication Phone Personal interaction Meetings
Gen Xers - Characteristics ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],33-46 years old
Gen Xers - Communication Efficient technologies Email Voice mail Direct & Immediate
Gen Y - Characteristics ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],21-32 years old
Gen Y - Communication Email and voice mail Instant messaging Text messaging Blogs Tweets
Millenials/Gen Z - Characteristics ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],20 and younger
Millenials/Gen Z - Communication ,[object Object],[object Object],[object Object],[object Object]
What does this mean for total reward design? ,[object Object],[object Object],[object Object],[object Object]
Base Salary ,[object Object],Traditional (1930–1945) Boomers (1946–1964) Gen X (1965–1978) Gen Y (Born 1979–1990) ,[object Object],[object Object],[object Object],[object Object]
Designing a Market-Based Compensation System ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Designing Salary Structures Range Spread Midpoint Differential minimum midpoint maximum Typical Structure
Designing Salary Structures Range Spread Midpoint Differential minimum midpoint maximum Midpoint Differential minimum midpoint maximum Market Structure “ Gen Y” Structure
Incentives Traditional (1930–1945) Boomers (1946–1964) Gen X (1965–1978) Gen Y (Born 1979–1990) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Incentives ,[object Object],[object Object],[object Object]
Benefits Traditional (1930–1945) Boomers (1946–1964) Gen X (1965–1978) Gen Y (Born 1979–1990) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Benefits ,[object Object],[object Object],[object Object],[object Object]
Pay Increases Traditional (1930–1945) Boomers (1946–1964) Gen X (1965–1978) Gen Y (Born 1979–1990) ,[object Object],[object Object],[object Object],[object Object],[object Object]
Pay Increases - Merit Matrix
Pay Increases - Merit Matrix
Pay Increases - Merit Matrix
Results Model fits within budget
Pay Increases - Merit Matrix ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Summary ,[object Object],[object Object]
Additional Considerations ,[object Object],[object Object],[object Object],[object Object],[object Object]
CBIZ CompCasts CompCasts Nonprofit Quick Guide to Navigating Intermediate Sanctions How to Set Pay Ranges that are Fair and Effective Creating and Using a Salary Increase Matrix Fair Pay: Maintaining Equality in Today’s Litigious Society In development at: www.cbiz.com/hr/compcasts
Questions? ,[object Object],[object Object],[object Object],[object Object],[object Object]

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Total Reward Design for an Intergenerational Workforce - Compensation Strategies

  • 1. CBIZ Human Capital Services Total Reward Design for an Intergenerational Workforce
  • 2.
  • 3.
  • 4.
  • 5. One Note About Generalizations… Important!
  • 6. * New to the workforce, characteristics still being defined Generations Born Age Traditionalists 1930-1945 66-81 Baby Boomers 1946-1964 47-66 Gen Xers 1965-1978 33-46 Gen Yers 1979-1990 21-32 Gen Z/Millenials* 1991 & Later 20 & Younger
  • 7.
  • 8.
  • 9.
  • 10.
  • 11. Baby Boomers - Communication Phone Personal interaction Meetings
  • 12.
  • 13. Gen Xers - Communication Efficient technologies Email Voice mail Direct & Immediate
  • 14.
  • 15. Gen Y - Communication Email and voice mail Instant messaging Text messaging Blogs Tweets
  • 16.
  • 17.
  • 18.
  • 19.
  • 20.
  • 21. Designing Salary Structures Range Spread Midpoint Differential minimum midpoint maximum Typical Structure
  • 22. Designing Salary Structures Range Spread Midpoint Differential minimum midpoint maximum Midpoint Differential minimum midpoint maximum Market Structure “ Gen Y” Structure
  • 23.
  • 24.
  • 25.
  • 26.
  • 27.
  • 28. Pay Increases - Merit Matrix
  • 29. Pay Increases - Merit Matrix
  • 30. Pay Increases - Merit Matrix
  • 31. Results Model fits within budget
  • 32.
  • 33.
  • 34.
  • 35. CBIZ CompCasts CompCasts Nonprofit Quick Guide to Navigating Intermediate Sanctions How to Set Pay Ranges that are Fair and Effective Creating and Using a Salary Increase Matrix Fair Pay: Maintaining Equality in Today’s Litigious Society In development at: www.cbiz.com/hr/compcasts
  • 36.

Editor's Notes

  1. "How to Set Pay Ranges that are Fair and Effective" Business 21 Publishing www.b21pubs.com