Good Compensation Means More than Just Cash
Once again we turn our attention to Impending Crisis by Roger Herman. Today we are discussing another point in his book, the importance of good compensation and benefits.
It’s no secret that employees’ decisions to remain with a company or take a new position elsewhere are based heavily on the kind of compensation that they can receive. However, compensation and benefits mean more than just the salary level they can enjoy. They’re also very much concerned with benefits like insurance coverage, profit sharing, direct deposit, childcare and more.
Now, not every company can necessarily afford to provide the same benefits, or the best insurance and retirement packages available. But what is important to employees is that you clearly invest yourself in their wellbeing and their morale as an employee. Having a strong set of benefits, even if it’s not necessarily the best possible benefits available, shows employees that you care about them and want to keep them on your team.
Additionally, you have to consider the kind of fringe benefits that you can offer as well, including flexibility, personality, paid time off, sick leave and more. Have you considered pet insurance? How about giving your employees one or two days off a year to volunteer at their favorite charity? Do you have enough of these kinds of extra benefits to convince people to want to stick around?
Review the benefits and compensation that you offer at your company, and be honest with yourself: would they be enough to make you want to stay with your company? If not, it’s time to consider making some changes.