Is non-salary compensation a motivator for every employee?
For many employees, it is. However, the extent to which each component of a company’s total rewards package motivates employees is unique to each employee. A graduate fresh out of college will certainly be motivated differently than an individual with a family who is saving for children’s college educations and retirement. You should strive to provide a comprehensive total rewards package that can motivate all employees, including baby boomers and Gen Y-ers. What programs may entice employees to accept less financial compensation for better benefits and incentives? Really, there shouldn’t be a need to choose. You should have both highly competitive compensation and world-class benefits. However, with all of the news on the country’s health care debate, a company’s medical plan certainly comes to mind. Retirement programs are also a strong component of an organization’s total rewards package. Depending on an employee’s particular situation, either one of these may be more highly valued
For many employees, it is. However, the extent to which each component of a company’s total rewards package motivates employees is unique to each employee. A graduate fresh out of college will certainly be motivated differently than an individual with a family who is saving for children’s college educations and retirement. You should strive to provide a comprehensive total rewards package that can motivate all employees, including baby boomers and Gen Y-ers. What programs may entice employees to accept less financial compensation for better benefits and incentives? Really, there shouldn’t be a need to choose. You should have both highly competitive compensation and world-class benefits. However, with all of the news on the country’s health care debate, a company’s medical plan certainly comes to mind. Retirement programs are also a strong component of an organization’s total rewards package. Depending on an employee’s particular situation, either one of these may be more highly valued
