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Compensation and Benefits Package Examples

But your total compensation offering should work to address employee needs as well as organizational objectives, and this balance can be a tricky thing to strike. So let’s discuss how this can be done, and go over a few tried-and-true examples of compensation and benefits packages that work. 

November 23, 2022

A tumultuous economy and an ongoing war for talent means that offering competitive perks and pay to your workforce can provide you with one critical key to continued organizational success. But the criteria for building a stand-out salary and benefits bundle look drastically different than they did even just a few years ago, and businesses need to focus on re-designing and updating their total compensation strategy if they want to hang on to vital players in the foreseeable future.

The best first step towards delivering useful, supportive, and desirable benefits to your employees is to ask them what they want and need. When you solicit input from your workforce you make a best effort to eliminate some of the guesswork from the process of structuring packages guaranteed to engage. 

But your total compensation offering should work to address employee needs as well as organizational objectives, and this balance can be a tricky thing to strike. So let’s discuss how this can be done, and go over a few tried-and-true examples of compensation and benefits packages that work. 

The importance of your company compensation and benefits package

From first contact, a majority of talented job applicants are scrutinizing your company’s compensation and benefits package. One study from Glassdoor found that 70% of job seekers look for pay information first when scanning a job description, and 63% look for the included list of benefits. Clarity regarding compensation and advantages therefore greatly expands the candidate pool your company has access to, making a huge difference in talent acquisition processes. 

And delivering on that package has implications for your business’ retention statistics, as well. For example, 43% of employees surveyed by Achievers said that a lack of access to career development and advancement benefits would have them consider leaving their current place of work. A different stat from LinkedIn shows nearly all employees would stay longer if access to these opportunities were improved.

The Society for Human Resource Management estimates also that organizations who leverage benefit offerings for both employee and organizational gain experience better performance rates than competitors who don’t. Similarly, these organizations enjoy nearly triple the impact in talent acquisition processes, as well as more than 200% comparative retention rates. 

Building a modern compensation and benefits package

The definition of “modern” in a business context is something which is constantly marching forward. Organizations wanting to remain relevant and contemporary well into the nascent millennium should anticipate updating their compensation and benefits packages regularly to meet the ongoing emergent needs of their workforce. 

This doesn’t mean you need to start from scratch every time. Here are a few tactics you can consistently engage that will help you keep your total compensation package current and competitive. 

  • Survey your employees. What’s working, what’s missing, and what’s no longer relevant are all questions you’ll want to answer periodically – especially with regards to your benefit offerings. Alongside anecdotal evidence from your workers, keep an eye on critical employee metrics like retention and engagement to detect potential pain points in your overall strategy.

  • Look at industry trends. A modern package will keep you competitive within your industry, and so looking at what other forward-thinking organizations are doing is a vital step to take. Both in terms of salary as well as the benefits, you can model your offerings on those businesses with a similar structure to yours – or even take it one step further – to maintain relevance.

  • Focus on quality of life. A report from Randstad reveals 94% of employees want benefits that allow for an elevated style of living – benefits which foster better financial stability and professional range, flexibility, and long-term wellness, supported by a thriving-wage level salary. Think about how you can empower your workforce over the long term. We’ll look at a few examples of what this can mean over the next few sections. 

Standard compensation and benefits examples

Certain legal stipulations at the federal, state, and local levels mandate different inclusions within a compensation and benefits package. Staples of an overall offering therefore will be somewhat location dependent. 

Beyond this, items within a basic package include:

  • Salary/wages.
  • Retirement saving options.
  • Health benefits including medical, dental, and vision.
  • PTO including vacation and sick leave.
  • Family sick leave.

Modern compensation and benefits examples

Research shows that what employees and job seekers want to see in a benefits package has shifted, and more and more organizations are working to fulfill these wishes for a mutually beneficial future. 

Contemporary compensation and benefit offerings include:

  • Compensation which goes beyond wages, including better profit-sharing options like increased 401K matching and stock options.
  • Complete healthcare coverage – employees are now saying they would prefer optimum health insurance options over increased sick leave.
  • Flexible scheduling. Especially in the wake of the pandemic, workers want to have greater autonomy over their hours as well as where in the world they’re working.
  • Access to education. Upskilling and educational advancement are among the top priorities of the workforce today, so benefits like student debt relief, tuition assistance, and other forms of long-term training are increasingly popular among industry-lead organizations. 
  • Financial wellness support. Solutions – like Origin – which empower employee financial stability and planning with accessible tools as well as educational resources designed to bolster workforce financial literacy deliver palpable advantages to both your organization and your employee base.

Creating the perfect compensation and benefits package for your company

Every business has a particular set of needs and circumstances which may be uniquely addressed by any number of compensation packages and benefit offerings. Creating the perfect solution for your company first requires an in-depth analysis of your current package, including what you have, how it may be improved, and what features are missing which could help drive a better employee experience as well as future business acceleration. The gaps you find will help to inform what changes and new offerings you should onboard to outfit your perfect package.

Compensation and benefits package template

The next step is sharing your offerings with both current employees as well as talented job seekers. Templating your communication strategy can help you to provide a clear and concise explanation of your detailed benefits package. Here’s one easy-to-use pattern you might employ. 

Intro

In this section you will give a brief overview of your organizational philosophy, and how the intention of your benefit offerings align with these values. You may also include a brief guide that will help employees understand what information will be available to them in each of the following subsections. 

Benefit titles

Create a section for each benefit offered, including salary as well as other advantages. You can give a brief explanation detailing the benefit, how it works, what it does, etc. and follow that explanation up with the following subsections.

  • Employee qualifications
    This will further explain who each benefit serves, and how employees can be eligible for each benefit. This may include time with the company, certain diversity criteria, etc.

  • Employee expectations
    This will explain if there are stipulations regarding performance, maintenance, or objectives employees need to adhere to in order to keep qualifying or receiving a particular benefit.

  • How to enroll
    It’s important to give your workers a guide which will let them know how each benefit may be accessed, if relevant. 

Final thoughts: Compensation and benefits package examples

Contemporary compensation rates and modern benefits keep your organization competitive while helping your employee base to thrive in the face of economic upheaval and global uncertainty. Benefits which empower employees to take their futures into their own hands are topping the charts of most desirable workplace advantages, and more and more companies are updating their offerings to reflect modern demand. 

Origin is one contemporary solution providing life-changing financial wellness tools and education to workforces at a range of industry-lead organizations. Origin makes financial literacy and money management simple for your employees, mitigating financial stress and delivering increased productivity and retention rates for your company. 

See what else Origin has to offer by signing up for a free demo today.

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