Employee Benefits
Intro Compensation and benefits packages are used by companies to retain and attract talent. Benefits can be used to keep employees happy at work and to up your overall productivity. In this economy it is vital to offer competitive compensation and benefit packages to assist in the retention as the economy rebounds from its current state. In order to offer a competitive package, you should be aware of the types of employees you are looking to attract and also the employees that are currently working for the company. There are three different generations of employees as of today: Baby Boomers (born 1946-1964), Generation Xers (born 1965-1976) and Millennials (born 1977-1995). They all have a certain aspect that can be essential to the organization. There is no generalized form of compensation and benefits to cover all of these generations; therefore you need to produce multiple packages that are appealing to different generations. Just like there is no generalized form, the costs to the employer varies from industry to industry and especially when considering private versus public sectors. Benefits are essential to gaining and retaining employees and to properly weigh benefits against one another it helps to find the cost relative to what is made by the employee hourly.
Baby Boomers, who were born anywhere from 1946-1964, have a different preference in what they would like to see in a compensation and benefits package. They prefer to save and think ahead as compared to the other generations because of the experiences they have had. Baby boomers find their sense of self in the work that they do and are very loyal to one company, staying there until retirement is what they prefer. They will remain committed to one company as long as the employer meets their needs of security and retirement. Generation Xers, born anywhere from born 1965-1976, have a need for work-life balance. They are willing to take less compensation, but prefer better benefits such as
Baby Boomers, who were born anywhere from 1946-1964, have a different preference in what they would like to see in a compensation and benefits package. They prefer to save and think ahead as compared to the other generations because of the experiences they have had. Baby boomers find their sense of self in the work that they do and are very loyal to one company, staying there until retirement is what they prefer. They will remain committed to one company as long as the employer meets their needs of security and retirement. Generation Xers, born anywhere from born 1965-1976, have a need for work-life balance. They are willing to take less compensation, but prefer better benefits such as
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