Company rewards need to be as diverse as the workforce says Penna

70% think Generation Y want work life balance over high salary
Yet 60% do not tailor their rewards package to meet these needs
40% are still finding it hard to recruit and retain talent

The vast majority of HR professionals (70%) think the priorities of Generation Y lie with work-life balance rather than financial rewards, according to research by human capital management consultancy Penna. Yet, of those surveyed, 60% admitted to not tailoring their reward and recognition strategies to meet the needs of different generations.

The findings should be worrying for employers who are currently fighting a war for talent - the research shows that 40% are finding it increasingly difficult to attract and retain talent within their organisations. Only a quarter (27%) have strategies to engage employeesí hearts and minds, whilst a fifth say their board doesnít recognise and support engagement and culture as a retention tool.

ìA ëonce size fits allí approach to recruitment and reward is no longer sufficient,î says Anne Riley, Managing Director of Pennaís Recruitment Communications arm. ìAs Generation Y becomes increasingly savvy to CSR and work-life balance, they will look closely at these policies when making a choice on where to work.

ìTodayís candidate is king and employers need to step up their offering to keep current employees motivated whilst also attracting new talent. Pennaís research shows that many companies need to review their reward and recognition policies to ensure that they fall in line with what employees really want.î

Other key findings show:

60% of HR professionals think that considerations around CSR and the environment are becoming an important part of reward and recognition strategies.

43% of organisations only measure their level of employee engagement every 2 years or less.

33% of organisations do not actively measure and reward behaviours that reflect their organisationís values.

This research was conducted at the recent Penna sponsored Strategic HR Network event on Reward, Recognition and Retention.