Millennials have aged and many have now gained enough experience to be in leadership positions. Therefore, understanding what motivates them—and how to pay them in comparison to other generations—becomes even more important.
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“We’re no longer talking about people who are fresh out of college, but people who may have enough experience to be in leadership positions,” Mykkah Herner, Payscale’s Head of Expert Services.
Herner contends that strong compensation plans are tiered, with pay philosophy providing a solid foundation for the other tiers. He suggested 5 actions for developing an effective pay plan to meet the needs of each generation.
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