We all want to be competitive in the marketplace, not only in our industry, but when it comes to employing the best people. Employers need to think big picture when it comes to attracting and retaining employees. It’s not all about the base salary. Employees today have higher expectations. They want bigger, broader packages. But before companies start offering bigger, broader packages, they need to become very clear about what they stand for, what is important, and what they value as an organization. If life balance and family are important, these components need to be woven into the total rewards strategy.
Let’s not kid ourselves, these things that employees want, for the most part, they cost money, but the rate of return should prevail—happy, productive employees. Today’s employees want flexibility. We have seen a rise in things like remote workers and companies moving toward unlimited PTO. There are some drawbacks to this offering which we can discuss with you, but this is definitely a trend.
Employees want cross training so they can learn new things, and broaden their skill-set. They want a clear career path and support getting there in the form of training and professional development. They want benefits that support their lifestyle. Employees want to know how they fit into the big picture and the impact their role has on the success of the company. They also want to play a role in bettering their community.
Something that employees these days crave that won’t cost you much more than your time is clear communication. If you can only afford 4% increases this year, don’t brush it under the rug; talk about it, and talk about what employees can do to support bigger increases in the future. Be honest. Seek out information from your employees by performing culture audits and quick check-ins. Once a year won’t cut it, things are changing quickly in the employment landscape. Get creative.
No one wants to be held hostage by their employees. We can all think about that one employee who is never satisfied with their salary and always demanding more. Well, we can help you with that! We can work with you to develop pay ranges for each of your positions based on market data and your company pay philosophy. You won’t ever feel stuck when it comes to that candidate who asks, “What is the pay range for the position I am applying for?” How good would it feel to have that information? If you are not offering what they want, do all the other facets of your total rewards strategy make up for it? If not, then is this person really a fit with your company? Give us a shout; we can work with you to help you develop your total rewards strategy.
By Sandra Herman