A recent issue of Work Span magazine included an article on the impact to the organization of a consumer – driven Human Resources program. The consumers are the employees who bring value to the organization.
With the slowing expanding economy, employees have more choices today than ever. There is a wider array of career options, more employers from which to choose, and more flexible options from each employer. Employees are becoming increasingly savvy consumers.
In order to connect with current and potential talent, employers need to understand how employees value current rewards and what potential employees value in a desirable employer. For example, research shows that multiple health care options are preferred by 73 percent of Gen Y employees. Increasing flexibility in working arrangements including off site work, flexible schedules is highly attractive. Understanding the value of flexible options benefits not only the employee but the employer as well, reducing costs and providing a more engaged work force.
Researching and analyzing how employees value various aspects of the compensation and rewards can help HR departments market effectively to employees and potential employees.