Firms might not want to admit it; employees may still feel awkward talking about it – but the simple fact is, compensation still plays a pivotal role in attracting and retaining talent. For all the noise around staff (particularly new entrants to the workplace), being more motivated by personal development and a sense of purpose, Deloitte finds pay and financial benefits are unequivocally what drives millennials’ choice of employer – and more so than anything else.
With this in mind, compensation should always be high impact and act as a strategic lever – one that can be used to reward demonstrable high performance, motivate high potentials, and attract key talent to your business.
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