In today’s modern workforce, many individuals from the new generation tends to prioritize immediate salary over long-term benefits while considering a job offer.
This shift in priorities can be attributed to various factors such as financial pressures, changing attitudes towards work, and a desire for instant gratification. Without, understanding why this trend prevails and how the Human Resources (HR) division can address this, it would be crucial for companies to attract and retain good talent.
Financial Pressures and Economic Realities are the key reasons why the new generation prioritizes salary over long-term benefits. Many young professionals in our country are burdened with domestic liabilities, rising living costs, and the need to save for future goals such as to own a house or starting a family. As a result, they prioritize a higher salary to meet their immediate financial needs and goals.
To overcome the new generation’s preference for salary over long-term benefits, the HR division plays a key role in implementing strategies that cater their needs and preferences. HR can offer competitive salaries that align with market standards and reflect the value of employees’ skills and contributions. Further, provide a comprehensive perks & benefits package that includes healthcare, retirement plans, and career progression opportunities.
Additionally, emphasize on non-monetary benefits, such as positive work culture opportunities for growth and advancement, and work-life balance initiatives. Conduct surveys and feedback sessions to understand employees’ priorities and preferences, and tailor benefits packages accordingly. Implement flexible work arrangements and policies that allow employees to achieve a balance between work and personal life.
By understanding reasons behind the new generation’s focus on salary over long-term benefits and taking proactive measures to address these preferences, HR division can create a work environment that attract, engage, and retain good talent in today’s competitive job market.
