With the massive exit of retiring Baby Boomers during the next twenty years, retaining and rewarding talent correctly has never been more important. This demographic shift from Baby Boomers to Generation X provides organizations with a predictable timeframe to align compensation strategies and organizational structures with Generation X motivators and corporate objectives.
Historically, different generations approach their work and workplaces with different attitudes. Baby Boomers think in terms of ‘paying one’s dues’ and earning the opportunity for promotion and leadership. They sometimes postpone personal fulfilment and dedicate time to their career. In contrast, Generation X tends to desire work/life balance with personal fulfilment as a high priority. Their focus is on working smarter, not working longer. Companies should find ways to properly reward this next leadership generation in a manner consistent with these work attitudes and motivations. Appropriate executive compensation is essential to attracting and retaining this Generation X talent.
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