Creative Compensation Packages
Successful employers are looking at many different ways to hire and retain employees and keep them engaged and happy in a time of workforce challenges complicated by the pandemic.
In today’s world, employers must consider more than just monetary compensation when hiring and retaining employees. Creative compensation is a method of looking at an entire compensation package and including things other than actual dollars. Examples are job security, flexible hours, work from home, growth opportunities, praise and recognition, fun and friendships. Studies have shown employees generally consider a total compensation package is indicative to how they are valued.
Let’s look at a few specifics local employers have implemented. Giving employees their birthday off with pay is inexpensive and greatly appreciated. Jeans days, or casual days, create a fun environment and don’t cost anything. Flex time, where possible, is greatly appreciated. Many smaller employers pay for team lunches for milestones, birthdays, and other holidays. Work happy hours are gaining in popularity as ways to relax with fellow employees and get to know each other better. Gym memberships, seminar attendances, and time off to volunteer are other ways to make and keep happy employees.
Whatever you may consider, it is important to understand an employer’s total compensation package delivers a message to employees. It says a lot about whom and what you value. The total compensation package is a chief consideration for potential employees AND employee retention.