Let’s be honest, pay and benefits are the two most crucial things to attract and retain the best employees for your business. Which is why it is so important to have a strong compensation strategy. The approach you take to implementing a compensation strategy can make all the difference in what you have to offer a potential employee. This includes salary, staff benefits, bonuses, raises, and other monetary incentives. An effective compensation strategy should reflect an organization’s needs, their intended culture, and possibly use labor market data trends to make inferences and adjustments over time. Learn more about these hacks you can incorporate into your compensation plan below.
Salary is your #1 Priority
Prioritizing salary and other monetary perks such as pay frequency, bonuses, and raises are the most important thing to evaluate. It’s no lie that an attractive and fair compensation package is what makes future employees accept an offer. Some hacks to consider in this area are offering weekly pay rather than bi-weekly pay, offering quarterly raises instead of yearly raises, or create an employee rewards program based on performance (working overtime, going above and beyond for co-workers, securing a new client) that can be redeemed for extra pay at any time throughout the year.
Value your Benefits
Benefits are of huge value to any worker in any industry. 75 percent of employees have reported that they’re more likely to stay with an employer because of their benefits program. These days, benefits are more than just health insurance and 401K’s. Some hackable benefits you can include are longer paid parental leave, student loan repayment, and commuter parking programs.
If we as a workforce have learned anything from the pandemic, it’s that flexibility is not only possible for employers but also so beneficial. According to the U.S. Remote Work Survey, over half of all employees want to work remotely three days a week or more, with 29 percent of participants wanting to work remotely five days per week. This is something that can be easily offered to potential employees. Hackable flexibility can include Hybrid work, 100 percent remote work, paid lunch breaks, and paid extended breaks for doctor visits, appointments, etc. that have to be completed during work hours.
You can gain valuable insights on salary data, benefits, and workplace flexibility with WageScape! Join us and learn more about our forward-looking HR technology at HR Tech 2023. WageScape will be in attendance showcasing the largest labor market intelligence platform available. Visit our booth to see live demos of WageScape, and quickly assess the labor market and your competition with real-time, forward-looking compensation information. See you there!