Understanding the needs of a diverse workforce critical

A new report which looks into the challenges facing businesses as they roll out rewards to keep their staff loyal and performing has shed some interesting light on the current concerns of worldwide employers.

Deloitte's 2013 'Top Five Global Employer Rewards Priorities Survey' asked HR leaders across the globe what their major concerns were.

One thing turned out to be on everyone's minds: talent – attracting it, managing it and retaining it.

The most commonly cited priority for businesses around the world was 'the ability of rewards programs to attract, motivate and retain employees'.

Among other top concerns were 'motivating staff when pay increases are flat or non-existent' and 'the cost of providing benefits to employees'.

With such an importance given to appealing to talent through benefits and rewards, no doubt many businesses will want to know what rewards strategies will work best for their staff.

A chief hurdle for these businesses will be understanding that their workforce is not a homogenous group, but a collection of individuals with varying perspectives and wishes.

Michael Wilson, chief executive officer of the International Society of Certified Employee Benefit Specialists – who joined Deloitte in running the survey – said that the reality of today's workforce environment was that there were "four distinct generations" coexisting in the job market.

"To stay competitive, companies have to redefine their Total Rewards programs to motivate, attract and retain employees at every stage within their career and with somewhat divergent demands from their employer," said Mr Wilson in a statement issued March 11.

One of the best ways to gauge the needs of a diverse employee base is to implement tailored employee surveys.

These can help businesses to better understand what kind of rewards and benefits will best enable them to retain their talent.

With online survey software, setting up a staff feedback process is easy and you can get immediate results that can be turned into powerful management data.