Effectiveness of Total Rewards Programs in Attraction, Motivation & Retention of Employees
December 2008
The recent turmoil in the economy has not significantly changed the challenges faced by employers in attracting and retaining a competent and committed workforce. In October, 2008 WCBC conducted an e-pulse online survey of 307 Canadian employers regarding the total rewards these organizations provide, along with an assessment of the effectiveness of these rewards/programs in attracting, motivating and retaining different generations of employees.
Highlights of Findings
- Two-thirds of the employers stated it is important to recognize the different values and expectations of the different generations of employees in their workplace. However, only one-third of the employers feel that their existing programs are doing an adequate job.
- The most effective work life initiatives for engaging all generations of employees were various flexible work arrangements (ranked No.1) and health promotion and wellness initiatives (ranked No.2). The effectiveness of the remaining work life initiatives varied considerably, depending on the generation of employee.
- Generations X and Y employees were rated as more engaged by the performance review process than was the case with older employees. On the other hand, recognition programs were rated more effective in engaging Traditionalists and Baby Boomers.
- Development and career initiatives were rated as less effective in engaging Traditionalists and Baby Boomers in comparison to Generation X and Y employees.
Full results of current e-pulse surveys are available to participants only. To be included in future e-pulse surveys, please contact us.