Spotting top talent is tough, but the real puzzle is holding onto them. Let’s unravel the secrets of employee success together! Skip the employee turnover that can come with substantial costs to your business.
That’s why developing an innovative compensation strategy is essential. Companies must think critically about their total rewards for both talent attraction and retention purposes and below are a few ways to ensure your business remains competitive.
Learn more about total rewards
Even though implementing a total rewards program is one of the best ways to keep your employees happy and satisfied, it can be tough for business owners to understand the ways to structure this for their employees.
A total rewards program includes a number of different things that are combined in order to attract people you’d like to hire and then retain them for as long as possible. Each company’s package is as unique as they are, but some of the items you might consider are: bonuses, competitive salaries, health and/or dental insurance, retirement plans, childcare support, commuting offsets, work flexibility, etc. When examining benefits at an individual level, they might not look significant, but combined, they can have a huge impact on employee attraction and retention!
Taking some time off
In the modern workplace the freedom to work whenever and wherever you want is one of the most important factors to employment choices.
While work flexibility may have been brought to the forefront because of the pandemic, it has proven to be one of the most effective ways to ensure employees are happy and healthy. A recent study even concluded work flexibility as the number one most important leadership skill (Source).
That is why offering flexibility might be the thing you need in your race for talent. And luckily it’s fairly easy to implement – It’s important to first survey your employees to see what their preferences are as it should be about individual choices, not a one-size fits all approach. Then once you have that feedback you can put the structures in place to ensure your employees have the option to work from the office, hybrid or remotely. This includes setting them up with the right technology, tools, best practices and support systems. Flexible practices can also include giving employees an opportunity to come up with their own schedule, or take more paid vacation days.
Boost the salary
But flexibility isn’t the only variable impacting employment considerations, salary is also a key factor in employee satisfaction.
As an employer it’s important to ensure you are consistently monitoring the economic and competitive environment to ensure that your salaries are rising to market standards. Great tools for this are LinkedIn, Indeed, Glassdoor and Payscale. This is true for all companies, no matter where they’re located and how big they are, but it’s especially relevant for global entities hiring across countries or those hiring temporary employees or a contingent workforce. In those cases, you may need to use professional contingent workforce management solutions to help with management.
At the early maturity stages of a company, you may not have the ability to compete with competitors on salary. In that case offering other benefits and perks, that your employees truly value, will help you with long-term satisfaction. For instance, offering new health insurance will help your employees feel supported and protected, and that’s going to boost their satisfaction level and well-being. Moreover, this will affect their work productivity and motivation, and that’s what all business owners are hoping for. Our partner EIO Solutions can help employers give more to their employees without spending more.
Another option within your total rewards program is offering career development opportunities and thinking strategically about promotions.
It’s critical that employers continue to nurture employees – helping them learn new things, improve their technical skills and improve their soft skills. By investing in your employees career development this contributes to the overall growth of your organization and pays dividends for years to come. This will foster a more productive and positive workforce which yields profitability gains over time.
Developing and maintaining a total rewards program is no easy task for an employer, but it’s an investment that will yield compounded interest over time. A well-designed program will increase employee satisfaction, engagement, retention – all of which ultimately impacts your bottom line.
On Cansulta, we believe no business leader should have to face any challenge alone. Our online platform lets you find and collaborate with pre-vetted consultants at a fraction of the cost of traditional firms.