What do you do if your compensation and benefits packages aren't attracting top talent?

Salary and Benefits wont make organizations stand out in the current climate as there is always a scope for others to be better in both the aspects but what can define company culture lately is: -Flexibility: remote, hybrid work, hours of work, 4 days week and many more. -Stellar onboarding process: where associates receive guidance and support throughout the onboarding and 15 days// 30 days// 60 days - keep in touch calls. First impressions last. -Recognize and Engage: Employees who feel recognized/incentivized, stay engaged and tend to rethink their decisions around leaving.

Use benchmarks to see where your offering falls compared to similarly sized businesses in your industry/geography. If you're only getting bottom-rung talent, it may be because you have bottom-rung compensation.

That′s a tricky one... in my opinion it depends on your value proposition. Do you, as a company, want to attract top talent by paying them top compensation? If that's your positioning, then you should review your practices. But if not, you may have to review where you are aiming at and your communication plan. As far as I can see there no silver bullet to this and I would invest in develop those talents in house - you are more likely to be competitive on starting positions and then you create right incentives of recognition to those that have high potential. These employees will be much more engaged to your brand and culture and less suscetible to a better pay check somewhere else.

Conduct meticulous JA & JE Do market benchmarks with the industry and establish your Paying capacity Establish a pay structure aligned with the industry you operate(If possible have a broad band for top grades) The above are the basics to understand the flaws that exist and get them right Salary alone is not what employees are seeking. They want a sense of purpose and career progression, also Post pandemic their top concerns at work are physical health, mental health, and work/life balance. (Have a culture/envio where these are taken care off) Have flexible work schedules premium medical and life insurance paid vacations and family leave parental benefits retirement plans education sponsorship career development and training opportunities

In this case, we have to find out the other forms of compensation & benifit ( if possible) to give more attrative points to the top talents. We also could emphasize on other fields such as reputation of the company, the longterm commitment, oppptunities to grow up with company, the working environment... and the rewards to convince talents come to us. Anyway, Salary is one of the points to consider making the decision only.

Compensation is more than just W2 earnings - it's the total burden an employer incurs by employing you. This includes benefits, 401k match, taxes, bonus, stipend, etc. One easy way to increase compensation is to increase the employer contribution towards an employee benefits plan, so that less comes out of their paycheck each pay period.

While salary is a competitive tool that can be difficult to control and compete with, benefits hold significant sway over an employee's decision to stay loyal to a company. Benefits encompass bonuses, allowances, health insurance, advancement opportunities, perks during work, or even just providing lunch or snacks. Since employees spend a large portion of their time at the company, offering comfort and opportunities for long-term engagement is highly appealing. However, it's crucial to regularly gather feedback from employees on benefits and benchmark against the market to make the most appropriate adjustments.

An external company must be hired to carry out the remuneration study. Based on the results, we can evaluate whether we are attractive in terms of remuneration and/or consider other alternatives to attract talent.

Conduct a compensation and benefits audit: Evaluate your existing compensation and benefits packages to identify any shortcomings or misalignments with employee expectations. Consider factors such as base salary, bonus structures, health insurance, retirement plans, paid time off, professional development opportunities, and work-life balance initiatives. Seek employee feedback: Gather feedback from current employees to understand their perspectives on the compensation and benefits packages. Conduct surveys, focus groups, or one-on-one interviews to identify areas where improvements can be made. Benchmark job positions: Analyze the specific job positions that are experiencing challenges in attracting top talent. Ensure that the

Today's talent is highly aware and picky and will not like to be his master's voice only for salary or perks or benefits or hanging carrot. He/ She will prefer workplace where leaders role model values oriented behaviours and empower team to learn, experiment and grow and innovate. They would give high weightage to work environment which fosters self respect and dignified working. All these things constitute culture of the enterprise and therefore culture matters

Quality of life can outweigh compensation - this means that people may be willing to overlook a lower pay amount if they really love their boss and co-workers. You can't put a price tag on being happy and valued!

Creating affinity groups within a company can create a sense of belonging and foster a supportive environment. Research has shown that employees who are part of affinity groups are more likely to feel connected to their workplace and colleagues, which leads to increased job satisfaction and retention. The purpose of affinity groups is to provide individuals with the opportunity to share experiences, find like-minded peers, and access resources that support their personal and professional development. As a result, employees are more engaged and loyal to a positive work environment.

Believe in the project and be mindful of cultural fit. Always inquire about the alignment of your personal values with the company's. Working in a place that recognizes and celebrates your authenticity is key to a magical employee experience.

Absolutely, culture plays a crucial role in attracting and retaining top talent. The organizational culture encompasses the shared values, beliefs, behaviors, and practices that define the work environment and employee experience. Here's why culture matters: Talent attraction: A strong and positive culture can be a magnet for top talent. Job seekers are increasingly looking for workplaces that align with their values, offer a supportive and inclusive environment, and foster opportunities for growth and development. A positive culture can help differentiate your organization and make it more appealing to prospective employees.

Employee rewards is not only a matter of monetary compensation but a comprehensive package of all the benefits and perks bundled together. More often than not it is the inability of organisations to convey this package to the prospective candidates which result in the offer drops. Keeping a feedback loop running continuously ensures everyone is aware of what they deserve and how much they are being rewarded leads to satisfaction on both the ends.

A feedback loop is a process in which information or feedback is continually circulated between two or more parties to provide insights, make improvements, and drive growth. Feedback loops are essential in various contexts, including personal development, organizational performance, and customer satisfaction. Here's how feedback loops work: Collection of feedback: The feedback loop begins with the collection of feedback from relevant sources. This feedback can come from customers, employees, managers, peers, or other stakeholders, depending on the specific context. Feedback can be gathered through surveys, interviews, performance evaluations, suggestion boxes, or other channels.

This is the most powerful asset for improvement. But it's not just during the interview phase; also manage feedback from your current employees. If they were to leave, for what reasons would this be?

4. **Encourage Employee Referrals**: Leverage your current top talent by encouraging them to refer other talented individuals to the company.

It is important to not only focus on the compensation as the main driver of leaving. Mostly a combination of internal and external factors lead to employees not starting at or leaving the company. While the compensation and benefits play a big role other important determinants are: job security, work-life-balance, career and personal development opportunities, recognition and appreciation, work environment and culture, the corresponding leadership and management style, employee autonomy, the relationship with colleagues and overall the "Job Fit" and role clarity. Also sometimes candidates not starting at your company can be a good thing (self-selection and voluntary attrition). That is why a realistic job preview is so important.

Salary surveys, total compensation statements, etc. If you utilize a PEO, they can probably provide very accurate information as they have other companies within their portfolio that will be similar to yours that you can benchmark against.

We have to do salary benchmarking for each position of our existing employees with our competitors and as well as also have to select companies within base location. Thus we can arrive to make decisions where our existing employees with our competitors and also have to do exist interview one to one to get a real picture of our company.

Understanding competitor compensation is vital. Yet, true differentiation lies in looking beyond our industry norms for innovative compensation models. This broader outlook enables us not just to meet but to redefine industry standards, providing unique offerings that attract diverse talent. Innovative thinking offers us opportunities to not only compete but also establish new benchmarks within our sector. What unique compensation strategies has your organization adopted in response to these insights from outside the traditional frameworks?

Analysis and interpretation: Once the feedback is collected, it needs to be analyzed and interpreted to extract meaningful insights. This involves identifying patterns, trends, strengths, weaknesses, and areas for improvement. The feedback should be categorized, organized, and synthesized to gain a comprehensive understanding of the feedback's implications. Action and improvement: Based on the insights gained from the feedback, appropriate actions can be taken to address the identified areas for improvement. This may involve implementing changes to processes, policies, products, services, or behaviors. It is crucial to prioritize actions and develop actionable plans to effectively address the feedback.

5. **Monitor Market Trends**: Stay informed about industry compensation and benefits trends to ensure your packages remain competitive and attractive.

Merge two roles with inter-related outcomes and bring in a senior leader to lead this combined responsibility. The individual departmental heads/managers can be mid-level executives, who will be guided by the lead.

A long term winning strategy is to focus on recruiting high potentials who are more junior than the roles require. Even if technically they are not 100% eligible for the role - as sometimes recruiting managers expect - they will compensate through willingess to learn and motivation. If they are high potentials they will close the gap in a reasonable time and the company will become known for attracting and growing young talent.

I believe we should also consider our expectations of candidates. Maybe we dont need our staff to be top talents, and mid range pay would suffice. We have to be realistic and wise, we don’t need to be ahead of the TA game. Enough with this overwhelming pressure and competitive tone, it creates a culture of aggressive competition that I don’t support personally!

My experience has lead me to believe that this a battle between business realities and the remuneration strategy or philosophy. If you have the budget, you would ideally like to lead the market across all jobs, however if there are budget constraints your strategy needs to be biased towards jobs that create value and people who add value, specifically to the business. The higher the value the higher the reward. This means from salary levels, to ranges and all the way to LTIP and max variable pay everything needs to be aligned to ensure we attract and retain the talent that adds value.

It's paradoxical: by observing outward, we refine our internal strategies, aligning our capabilities with the true aspirations of potential employees. This broader perspective not only diversifies our approach but also enhances our attractiveness as employers.

We also need to improve how we communicate about packages and the Employee Value Proposition. We need to get better at educating employees on everything the employer is offering in exchange for their work. It means more than once upon hire, and/or a bonus email once a year... And even more important, many organisations don't pay nearly enough attention to educating line managers on reward topics : how to give effective feedback, how to give recognition, communicate about bonuses and salary increases, make fair recommendations for promotions etc. Once employees understand better what they receive and the processes around these decisions, their perception of fairness increases, thereby reducing the need for costly package adjustments.

As I have been HR director for several years in different organizations and countries I have been working on this issue many times. Why qualified candidates decline offers ? One obvious reason can be salary or compensation but most of the time is something else. Take for example a senior female candidate who declined the offer: she told me that she did not liked the fact the interview panel was made by 6 man. Of take the millennial who run away when strict rules ( eg Monday to Friday from 830 to 1730) are applied. Or take the single parent who can’t possibly travel every week. So in my experience companies need to have flexibility and policies that will encourage candidates to join not only increase salaries.

compensation is not the only way to attract a candidate. You can also work on various levers such as : Work conditions, carreer opportunities, training, purpose and meaning, interest of the mission, work life balance, cohesion among colleagues, corporate image and branding.

Attracting and retaining the right talent in today’s competitive and rapidly changing job market requires more than just competitive salaries. It demands a perennial mindset—a continuous, proactive approach to reevaluating and enhancing compensation packages in alignment with both market standards and the evolving expectations of the workforce. By focusing on holistic compensation strategies that include both monetary and non-monetary benefits, fostering a positive company culture, engaging in regular feedback loops, and ensuring transparency in communication, companies can effectively attract the diverse and dynamic talent necessary for sustained success. #scottspeaks

From my almost 20 years of experience recruiting talent for various company profiles, here are a few key issues to address: Ensure compensation is equitable with the role's attributes and challenges. This allows for accurate industry comparisons. Align the balance of fixed salary, variable compensation, and benefits with the company's strategy, culture, and challenges. This will promote the desired attitudes and behaviors. Define the specific type of talent you seek to guide appropriate HR actions. Look beyond compensation to engage candidates. At certain levels, factors like leadership style, cultural fit, remote work options, and other benefits become more important. Identify and communicate your HR capabilities!