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.
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.
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.
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.
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:
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:
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.
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.
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.
Terms and ConditionsPrivacy PolicyComplianceSitemap
