Rewarding and recognising a multigenerational workforce

As workplaces evolve with longer and more flexible working patterns, the diversity and multi-generational nature of the workforce present new opportunities and challenges

CREDIT: This is an edited version of an article that originally appeared on NHS Employers

As people work longer and more flexibly, the workforce has become more diverse and multi-generational. To offer an incentive package that is meaningful, cost-effective, and impactful in the long term, it must be diverse, inclusive, and adaptable. By analysing workforce data to understand the age diversity within your organisation, you can gain valuable insights into the varying needs of employees at different stages of their lives.

Rising to the challenge

Organisations must meet the challenge of being more inclusive towards an increasingly age-diverse workforce. With the retirement age extending and shifts in lifestyles and work expectations, people are making varied decisions about staying in or leaving the workforce.

These changes can bring benefits such as, more experienced staff and innovative new ways of working. Reward and benefits play a vital part in supporting the different generations to thrive and succeed. Having an age-inclusive reward and benefits strategy will also encourage prospective employees to join an organisation.

Attracting and retaining staff

Flexible working

Flexible working is important to all generations for various reasons, enabling them to maintain a work-life balance. For instance, it allows individuals to combine work and study or to work flexibly as they approach retirement.

Worker wellbeing

Each generation encounters unique challenges at different stages of life, and reward and benefits strategies should be designed to provide support accordingly. This may include assistance for life events such as pregnancy, chronic health conditions, and menopause.

Financial support

Financial education, guidance, and support are crucial at various stages of life and career for all generations. Employers should review the components of their financial wellbeing packages to ensure they are inclusive across different age groups, providing relevant benefits and support.

In conclusion, embracing the diversity and longevity of today’s workforce is paramount for organisations aiming to thrive in a dynamic environment. By implementing inclusive incentive packages, understanding age diversity through data analysis, and addressing the evolving needs of employees across different life stages, businesses can foster a supportive and productive workplace.

Flexible working arrangements and comprehensive support for worker wellbeing and financial education further enhance employee satisfaction and retention. Ultimately, a forward-thinking approach to rewards, benefits, and support systems not only attracts top talent but also sustains a motivated and resilient workforce well into the future.