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The term ‘reward’ generally covers all financial provisions made to employees, including cash pay and the wider benefits package (pensions, paid leave and so on). It can also include wider provisions for employees, with the term ‘total reward’ encompassing non-pay benefits.
The UK has record levels of people in employment. This is a great achievement however it does make it harder to find and keep good staff. Whether Brexit happens soon or not, this trend is reported as likely to continue.
Companies are becoming increasingly innovative to stand out from their competitors and recognise that a good total reward package is a great way to recruit and retain staff.
It is reported that by 2020, a third of the British workforce will be millennials. Similar to the generations before them, they bring new ideas along with new needs from their prospective employers.
Referred to as the “giving generation”, contemporary employment practices which appear to be attractive to millenials are reported as: