Does your total compensation package need a refresh?
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Does your total compensation package need a refresh?
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Most of us know that to attract and retain top talent in your organization, boost employee engagement and increase job satisfaction, you need an incredible total compensation package.?But what has changed over the last few years??
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People’s expectations are changing, and now more than ever employers are looking at ways to refresh their total rewards and compensation.?For the most part, these programs were created decades ago for a completely different workforce, and in a completely different era.?Let’s face it the workforce has very different needs and expectations then it did, even just a few years ago.
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When you ask employees (especially younger demographics) what their top priorities are during a job search, they are reporting; their experience in the hiring process, flexibility, the number of perks, programs and benefits offered, work-life balance, and the company’s culture and values.
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This gives us a great opportunity to refresh not only our total compensation package but also re-evaluate the organization’s value proposition.
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It’s also important to not forget that a total compensation package isn’t just for hiring and we should be focusing on retaining the great employees we already have and investing in communication measures to ensure they are aware of what they have available.
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So, how do we position ourselves in this changing market and strike that delicate balance between value and cost?
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First let’s explore what a total compensation package is in today’s market.?A total compensation package is the full value offered to an employee and can be used to describe not only salary, wages, and benefits but also all the plans, programs and opportunities that are available to an employee through their employment.?Essentially, it’s anything you do that employees would see value in.?And I would take it one step further to say there needs to be some consideration around aligning these benefits to your overall organization values.
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Traditionally we have seen things like compensation (salary), benefits coverage, RRSP matching, vacation, sick days, and paid time off.?
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More recently we are seeing other perks such as:
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A key question to ask, is what do your employees value??
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Often you will not know what is valued unless you ask.?A simple employee survey can go a long way, and even if you don’t implement everything that is asked for, just having the employees provide input can create greater satisfaction and engagement.
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The other key area that we see missed is the opportunity to educate and effectively communicate the total compensation.?The more you talk about it, the more people know what is included and offered by their employer.?And in many cases, the employee doesn’t even know what makes up their total compensation.
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At the end of the day, these benefits and perks are only as valuable as it’s perceived to be by your employees.?
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Educating around the various perks and programs so employees are aware of what they have available, as well as providing a total compensation statement, are two ways to effectively ensure employees are aware of what they have access to.
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Not only does education and a total compensation statement provide awareness, but it also increases usage for some of the key perks and benefits (which creates more engaged employees), it increases job satisfaction, and of course let’s not forget about attracting and retaining top talent.
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Overall, doing a review and refresh of your total compensation, along with investing in its communication, can pay off in great dividends.?An example of a total compensation tool can be found here:?https://www.selectpath.ca/application/files/1716/5488/6777/Total_Compensation_Statement_Tool.xlsx
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Find out more about AgCareers.com’s Compensation Benchmark Review and stay competitive with the most trusted agriculture and food related salary data available.?Compensation Benchmark Review | AgCareers.com