Author: Ashley Thomalla
Attracting and retaining good employees in today’s tight labor market can be a challenge. While competitive pay and good benefits are important, job seekers want the total package. They are looking for the ideal work environment – which includes work-life effectiveness. Total rewards strategies have traditionally focused on compensation and benefits, but it’s time for a change. Employees have expressed a desire for a healthy balance between their professional and personal lives, and that’s only possible through you – their employer.
Is Your HR Function Changing with It?
For years we’ve known that millennials would eventually make up the majority of the workforce. In April 2016, millennials surpassed baby boomers as the largest living generation. The Pew Research Center defines millennials as individuals born between 1981 and 1997 (or those who are presently between 20 and 36 years of age).¹ As the makeup of the workforce shifts, so do employee needs.
I’ve always been intrigued by work-life research, especially now as the work-life interface changes in response to increased demands and expectations, as well as new ways of working. Work-life research evolved from studies on person-environment fit and work-family. Person-environment fit focuses on outcomes that result from the interaction between employees and some aspect of their work environment, whereas work-family research focuses on outcomes that result from the interaction between the work and family domains. Many researchers have moved away from the term work-family to work-life in order to include all employees and not just those with children. These studies have established some compelling links between work-life fit and employee satisfaction, so it is important for employers to know what work-life fit actually is and how to achieve it.
Compensation is one of the most important (and sometimes most controversial) human capital efforts of any company. Your compensation strategy will have a large impact on the bottom line, but a smart one can bring a huge return on investment. A strong approach to compensation will prove its worth by bringing you great employees and incentivizing the ones you have to perform at their best.