Assignment 1.C.3By now you should have started viewing rewards through many different lenses. If you have been considering rewards as merely consisting of cash compensation alone (although it is a very integral part) you may have at least started considering other factors that come into play. The complication is that total rewards have different connotations to different groups of employees.We now start injecting this idea ('different strokes for different folks') into the project your team will be completing in this course. To that end, as a team, consider three different groups of employees. Dealing with multigenerational employee populations has become a critical issue with organizations. The teams will be building total rewards statements for three distinct generations: Babyboomers, Gen X and Gen Y. In this discussion as a team answer the following: (As we learn more about the various elements we will be able to match the proportion of each element with the generation. Think of the total rewards package as a pie chart of 100%. (As a team, you will be doing more brainstorming now, based on your personal views and experiences.) The purpose of this part of the activity is to start thinking differently about rewards in general1. Why is it a good idea for organizations to consider different "mix" or proportions of the various total rewards elements for the different generations? Refer to the Total Rewards document to think about the various elements. This is from the employee perspective.2. What pitfalls will organizations need to be watchful about while customizing total rewards based on generations?Be sure to post your team discussions and comment at least on one other team mate's comments. At this point be more concerned about your rationale rather than coming up with the "right" answer?In todays world, one size does not fit all increasingly is becoming the mantra as companies learn to manage the varying needs, preferences and desires of different workforce segments. This increases the challenge for companies to proactively consider multigenerational differences within their workforce, as well as in relevant labor markets, in the design, implementation and communication of total rewards programs.Organizations need to be aware of substantial differences between generations when it comes to core values. For the Traditionalists, stability is the name of the game. They tend to emphasize duty, tradition and loyalty. It's not uncommon for Traditionalists to prefer to stay at the same company for their entire careers. Whereas boomers value individuality. They tend to be idealistic and are relationship-oriented. To Boomers, working hard is a badge of honor. Gen Xers are fiercely independent and tend to be entrepreneurial. Unlike the Traditionalists, Gen Xers are comfortable with moving from one organization to another, and their focus tends to be on building a portable career. For Gen Y employees, it's all about collaboration. They tend to emphasize the power of collectivism, and value authenticity and autonomy. These differences in core values lead to differences in the perception of work and what each group values the most.In organizations in which consideration of generational needs is more common, there is a logical connection between existing total rewards programs and general knowledge about different generations or age groups. For example, the phased retirement program is most utilized by baby boomers and the silent generations, while flexible work arrangements are used most by generation Y. For traditionalists, their greatest reward comes internally in the form of satisfaction of a job well done. Boomers want external rewards in the forms of more money, a better title, and company recognition. For Gen Xers the greatest reward is freedom - the freedom to prioritize projects, the freedom to choose when and where to work, and the freedom to balance work and life as they choose. For Gen Yers, work that has meaning is the greatest reward. They want to feel like they're contributing, and are always looking for the larger meaning in what they do. Differences in the perception of work and rewards, in turn, have implications for base salaries, pay increases, incentives and benefits. But when it comes to base salaries, there is one cross-generational truth: salary must be market competitive. Assuming that your base salaries are competitive within the marketplace, different generations emphasize different aspects of base salary and pay increases. Hence the organization could avoid the pitfalls by designing the reward system while keeping in mind these differences in the cover values of different generations.

Source: Martocchio, J. J. (2013).Strategic Compensation.Upper Saddle River: Prentice Hall.http://www.worldatwork.org http://www.compensationcafe.com