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Reverse causality again may be a factor here, as it could be argued that when workers desire to leave the organization, their level of identification will drop.

Here’s What the Research Says;Executive Decisions: The Impacts (and Incentives) of a Co-CEO Model; Editor’s Note: Additional Content For more information and resources related to this article, see the pages below, which offer quick access to all WorldatWork content on these topics: ;Employee Benefits; ;Employee Experience; ;People Analytics; ;Total Rewards; ;Workforce Engagement; #1 Total Rewards & Comp Newsletter Subscribe to Workspan Weekly and always get the latest news on compensation and Total Rewards delivered directly to you.

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“Employers reported their total 2022 base pay increase budgets at 3.8%, but our data showed a 6.7% increase in base pay for hourly employees staying in the same job at the same organization from 2021 to 2022.

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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.

.; Editor’s Note: Additional Content For more information and resources related to this article, see the pages below, which offer quick access to all WorldatWork content on these topics: ;Employee Compensation; ;Organizational Performance; ;Total Rewards; #1 Total Rewards & Comp Newsletter Subscribe to Workspan Weekly and always get the latest news on compensation and Total Rewards delivered directly to you.

For WorldatWork Members Guidance on How to Avoid Common FLSA Classification Errors , Workspan Daily Plus+ article;Total Rewards for New Ways of Working , Journal of Total Rewards article;The Pros and Cons of Recruiting Gig Workers , Journal of Total Rewards article;Harnessing Social Capital in a Gig Economy , Journal of Total Rewards article;Recognition: It’s Not for Everyone , Journal of Total Rewards article; Employers utilize independent contractors (ICs) to support specific projects and address short-term, specialized labor needs, thereby reducing overall employee compensation and benefits costs.