Tammy Erickson (tammyerickson.com) has written a number of books regarding the generational differentiators and in so doing has sensitized many to the difference in aspirations among the 4 cohorts in the Global workforce(Traditionalists, Baby Boomers, Generation X and Generation Y).
Generation Y or the Millennial group is and will be a managerial challenge for quite some time. To those of us in the Boomer cohort effectively acting as mentors and managers of this group, it is exhausting. They ask the Question “Why?” incessantly and take unction when they are not consulted by the C-suite in respect to enterprise strategy.
At the risk of being pedestrian…. let’s follow the money….
There are emerging 3 truisms with respect to Total Rewards:
- Don’t hire anyone at my peer level, give them more money, and expect I won’t find out!
- Pay me at a level that is commensurate with my performance and self assessment of same…
- Forget the stock that will vest in 5 years……I won’t be here…
Einstein’s definition of insanity – “continuing to do the same things while anticipating a different result” – applies to many of the Total Rewards approaches in force globally.
The lessons learned by many of our clients is that unless the Total Rewards strategy is sensitive to the aspirations of this cohort, and then Compensation will be de-motivational, and controversial.