Employee Benefits & Compensation Articles
Retaining and attracting the best employees means offering more than competitive salaries. Thoughtful and useful benefits packages set up employees and your business for success. Just make sure you build communications systems that make it easy for your employees to sign up.
If you want to keep top-performing employees, you need to pay them well and what they are worth. Accurately paying an employee will make the employee stay loyal to you and not jump ship to a major competitor with open arms who will compensate them like you should have done. Companies that pay their employees well and explain their compensation plans with employee communication videos attract dedicated people who want to be a part of your team.
The top job markets in the United States in terms of salary, employee compensation, employee retention, and onboarding efforts are the ones the demand the highest training. There’s a reason why these positions are highly sought-after and difficult to get into. If you make your company a privilege to work for, you’ll have huge competition for each position available.
It doesn’t take a genius or a Harvard psychology study to know that high employee compensation makes for happier employees. It’s like studying the effect of mutually beneficial relationships on our overall happiness. Small businesses are often faced with a choice to provide their employees with top compensation packages from the start, or relying on more employees working for lower wages. Given enough time, companies with higher compensation packages are more successful.
The trend taking over employee communications and performance management in many industries right now is to abandon the performance rating and annual review in favor of a less formal approach with more frequent conversations. As an employee, I have always thought of the annual review as an exercise in demoralization.
Today, companies are embracing wellness programs and using them as a way to keep employees and the company in good shape. As employees continue to be more health-conscious, companies continue to encourage employees to stay healthy.
It's time to make employee recognition part of the fabric of all organizations that rely on them.