Pay Policy and the Changing Workforce

There are three significant influences descending simultaneously on the workplace facing employers:

The Millennial Apocalypse

A new distinct generational influence already well entrenched and the largest cohort in the workplace are testing the policies and practices of all employers, including even startups. The response however is not as simple as defining separate HR policies for younger employees.

The new values that they exhibit are being adopted by older workers and exposing legacy policies to be inadequate. Workforces are like ecosystems; they morph and change over time, with their predominant values reflecting their demographic makeup and leadership. There are 10 years or so left before the last Boomers head for the exit (that is assuming they don’t discover that socialized healthcare is not really what its name implies, requiring them to have to work for a little longer!). Of all the positive attributes brought by this cohort to the talent pool, wisdom and experience are not on the list. And employers, while learning to connect with these new personalities, are at the same time having to maintain the enthusiasm of an older cohort with one foot out the door and suffering from the unwanted attention of the new guy who can’t wait to get their job.

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Global Benefits Vision – July 2017

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