The workforce is changing. As new generations enter the talent market and the world around us continues to shift, employees’ needs evolve. To remain competitive, it’s essential for organizations to reimagine their total rewards, ensuring their offerings align with the values and expectations of the next generation of talent.

Fairness & Equity

Fairness and equity are essential in all elements of society, but in the workplace, these values are specifically crucial when it comes to pay. Fair and equitable compensation shows employees that their worth is recognized, and their contributions are valued — and rewarded appropriately.

Beyond ensuring pay is correlated with performance, fairness also involves ensuring that employees are equitably compensated regardless of gender, race or other diversity factors. Salary transparency can help employees understand and trust that compensation decisions are based on merit without bias. Ultimately, your total rewards program should emphasize equity to effectively resonate with the next generation of talent.

Flexibility

The next generation of talent values flexibility. The post-pandemic world calls for organizations to re-evaluate the way in which they work and redefine how teams collaborate and connect. Remote and hybrid models are becoming commonplace and accepting a new, more flexible approach to work is the way of the future.

Flexible work requires an innovative approach to total rewards. Employers can provide benefits and opportunities that meet the needs of a hybrid or remote workforce, such as home office setups, online professional development programs, digital incentive programs and virtual mental health support resources. Adapting to this increased need for flexibility involves embracing technology and leveraging everything the digital world has to offer.

Personalization

Personalization is now an expectation when it comes to total rewards. Employees want their offerings to meet their distinct and varied needs — which is a challenge for employers striving to attract and retain a diverse workforce. Crafting a comprehensive benefits program is one way to provide employees with greater personalization. By including a varied menu of voluntary benefits options, you can give individuals the chance to build a tailored and personalized benefits plan.

One of the best ways to ensure you’re delivering a personalized employee experience is by actually asking them what they’d like to see reflected in your total rewards program. Dive into benefits enrollment and employee engagement data or consider conducting focus groups and employee surveys. Whatever methods you choose, collecting valuable internal feedback can help you craft a more personalized benefits package and structure a tailored compensation strategy.

The Future of Total Rewards

The future of total rewards is closer than we think. The next generation of talent is here, and they will expect higher levels of fairness, flexibility and personalization than ever before. By understanding the importance of these values and tailoring their total rewards accordingly, organizations can position themselves to better recruit, retain and engage top talent.