Managing Multi-Generational Workforces
As baby boomers retire, they make way for more Gen X, millennial, and Gen Z employees to enter the workplace. With them come new skill sets and different perspectives on work-life balance. In the 2016/2017 survey, 93% of participants indicated that their company has challenges attracting millennials, while only 16% responded that attracting baby boomers was a challenge.
To better attract, retain, and engage millennials, organizations are focusing on policies that address the things that are valued by them, including but not limited to:
- Flexible Start/Leave Times – 65% of all reporting organizations have introduced a flexible start/leave program, and 25% are considering introducing one.
- Casual Dress – 63% of all reporting organizations have introduced a casual dress program, and 9% are considering introducing a similar program.
- Ability to Work From Home – 52% have introduced programs that address the ability for employees to work from home, while 36% plan to introduce work-from-home programs.
Additionally, formal mentorship, volunteer, and health and wellness programs are all top of mind for companies trying to attract millennials, while financial counseling and retirement readiness programs are gaining traction for those addressing the needs of baby boomers. Companies are consistently challenged with balancing the workplace preferences of these two different generations. Many have introduced adequate programs that attract and retain the best and brightest without ignoring the unique needs and expectations of each. Times have certainly changed, and smart companies are strategically adapting to the significant generational shifts in the workforce.
Company car policies are another area that is commonly adjusted with consideration to market trends. With an increasingly mobile workforce, employees are regularly using company and personal cars for business purposes. Company car policies are always adapting to specify and quantify vehicle usage in various scenarios, while also accounting for things like geographic location, fuel prices, and even new car technology. But employers should also consider policies that address market factors and industry-specific trends. Things to consider with your organizational policy could include:
Policies based on employee groupings.
Typical practice by industry.
Standards and practices based on company size as determined by revenue levels.
A deep dive into industry-specific or similarly-sized organizations can help you understand how to structure your car policy. An appealing car policy just might attract your next CEO in the making!
Paid Time Off
Policies for paid time off are a hot topic every year. From executives to administrative professionals, paid time off is often the policy that every employee uses to their best advantage and that every employer has already established. After all, we all want vacation, and we all want the flexibility to take a personal or sick day off without breaking any rules.
In the 2016/2017 survey, 9% of reporting organizations indicated that they currently offer an unlimited vacation policy in some capacity, either to all employees or only to certain positions. While this isn’t a huge number, it is definitely an example of an emerging trend that is shaking up traditional compensation policies and practices.
Some industries might be more apt to offer unlimited vacation time than more traditional industries. Employers should, at the very least, have this on their radar and continually assess the market to ensure they aren’t falling behind their competitors.
Traditional gender roles in the US have shifted dramatically over the last 50 years. As such, companies are revisiting and revising their maternity/paternity leave policies often to ensure they are keeping up with the times. Overarching trends indicate that companies are offering more attractive maternity/paternity leave policies than in the past. Other emerging trends show that organizations are also offering more paid or partially paid leave to fathers after the birth of a child. Paternity benefits may or may not be equal to the benefits for mothers. Plus, like many other compensation policies, maternity/paternity leave trends fluctuate greatly based on company size, industry, and employee group.