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How can total rewards leaders keep employee churn in check as these potential new developments take hold?

Tailor Your Rewards While benefits such as work-life balance and flexibility are generally important to employees regardless of age, it may also behoove total rewards professionals to explore rewards offerings specifically tailored toward the needs of younger generations, Spencer said. “ Student debt support might disproportionately benefit millennials and Gen Z, but it could be a worthwhile investment for employers, given that 41% of survey respondents indicated that student loan debt has or will prevent them from pursuing their passions,” Spencer said.

For total rewards professionals, the application of sports science in the workplace represents an opportunity to reconsider how rewards could be adjusted to incorporate resilience-building capabilities and mental training, taking a page from the sports world’s playbook.

Truth be told, this is no easy task to manage, given that total rewards and HR professionals must swiftly devise compensation solutions in response to economic shifts, complex laws and evolving workforce expectations.