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In a tight labor market where there are more than 10 million open jobs, many firms still struggle to keep their most experienced talent from walking out the door while also trying to recruit more in this cohort, which is prized for its historical knowledge and old fashioned-work ethic , according to the Wall Street Journal .

.;74% foresee having difficulty retaining workers in 2022, up from 51% in the first half of last year and 22% in 2020.

Course Geographic Pay Strategies Attract and retain great talent with pay strategies designed for dispersed workforces.

With that in mind, how can employers and TR professionals attract, engage and retain the young talent they want to keep — and structure their workplaces to fit into a job-hopping world ?

Standards and Practices According to Holloway, director compensation structures at publicly traded companies remain fairly standardized, with most typically offering: ;Annual board retainers composed of approximately 40% cash and 60% equity, with no separate meeting fees.; ;Full-value equity awards granted based on fixed-value rather than fixed-share amounts, with short vesting periods (immediate or one year).; ;Board retainers that do not include additional compensation for committee service, except for committee chairs, who receive retainers recognizing their added responsibilities, time commitments and heightened scrutiny.; “Director compensation approaches at privately held companies are much more varied than at publicly traded companies,” Holloway said.

Workspan Daily article;Cracking the Compensation Code: Connecting Pay Strategy, Transparency and Benchmarking , on-demand webinar; Two recent studies on employment trends provide some invaluable insights for organizations concerned about retaining top talent.

Some organizations now offer employees novel benefits such as baby milk delivery service, onsite climbing walls and beauty salons to attract and retain talent.

;Rewards that attract and retain all generations.

Workspan Daily Plus+ article; ;Support Your Employees’ Career Growth with Development, Transparency , Workspan Daily Plus+ article; ;How Total Rewards and Career Development Go Hand in Hand , Workspan Daily Plus+ article; ;Measuring Up Mentorship Programs , Workspan Magazine article; For Everyone ;How Gen Z is Redefining Total Rewards , Workspan Daily article; ;What Gen Z and Millennials Want: How to Attract and Retain Them , Workspan Daily article; ;Talent Marketplaces: Creating Opportunities for Career Progression , Workspan Daily article; ;Career Well-Being Drives Engagement and Retention , Workspan Daily article; ;Invest in Career Development to Retain Young Talent , Workspan Daily article; More than half (52%) of job seekers within Generation Z (those born between 1997 and 2012) are prioritizing “growth mindset” roles that offer personal development opportunities, according to a recent report by career website Flexa.

For this installment, Workspan editors spoke with Sheila Sever, a specialist leader of total rewards at Deloitte Consulting, about the critical importance of frontline workers throughout the past two-plus years of the coronavirus pandemic, what organizations are doing to attract and retain frontline talent, and the role that compensation and rewards play in helping companies hold on to these invaluable employees.