Preparing a Compensation Package Suitable For Young Talent

As more young talent enter the workforce, their outlook and demands differ from that of Gen X and Baby Boomers. Essentially, traditional compensation packages do not work with the younger generation. This strawberry-generation seek work-life balance, highly competitive salary packages as well as rapid career advancement. Employers have to be creative when it comes to drawing up a compensation package in order to attract and retain young talent, whom happen to be infamous for constant job-hopping in search for better growth opportunities.

Here are some perks to throw in besides the dollars and cents when considering your compensation package for young talent.

Salary

When it comes to selecting the right employer, salary still remains ubiquitously amongst young talent as the main deciding factor. However, it is good to do the necessary market research before arriving at a salary figure. Make use of resources such as salary surveys or online salary guides from Robert Half for instance, to determine the salary range for a particular job. That way, it ensures that you are paying your prospective millennial candidate the appropriate market value salary for the particular position.

Perks and Culture

We are all too familiar with the extravagant perks offered by certain companies, ranging from unlimited annual leaves to on-site beauty lessons, haircuts and more. While it would certainly be an overzealous move to try and follow these companies’ footsteps, you can certainly take a leaf out of these organisations’ books to create a fun and cohesive environment for your young talent.

Benefits

Traditional benefits are a given in any competitive salary package, not only for young talent. This includes the usual insurance coverage and medical reimbursements. Likewise, young talent look for untraditional benefits when it comes to choosing an employer as well. Wellness programs as well as gym memberships and subsidized yoga classes are a great way to incentivize young talent.

Career Growth And Work Value

Career growth opportunities are a huge motivator to young talent and play a critical role in retaining them. Sending young talent for training workshops to hone and develop their skills show that you as an employer is willing to invest and nurture them. Additionally, involving young talent in certain key business meetings show that you value their inputs. At the same time, it gives them the impression that there is value and purpose in the work they do, something in which young talent value.

Essentially, coming up with the ideal compensation package for the younger generation requires a lot of unorthodox thinking as well the willingness to change. The preferences of young talent are ever-changing and you, as an employer, have to evolve together with them in order to keep up with this up and coming generation.

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