Compensation and Benefits

6 Ways to Win and Retain the Best Employees with Compensation

In today’s job market, it isn’t easy to find and retain great candidates. Moreover, the quit rate levels remain high as employees seek better prospects. Also, as the American population ages, the labor force participation rate is declining. Therefore, to acquire and retain the best talent, you need an effective talent acquisition strategy. Benefits and compensation are essential ingredients of an effective talent acquisition strategy.

Here are six ways to use compensation and benefits to attract and retain the most talented candidates.

  1. It’s More Than Just Money

    Salary is not everything, especially for millennials and Gen Z. Even the more traditional workers may have needs that don’t entail increasing their earnings.  For instance, more Gen Z and millennials prefer working for organizations whose purpose and values are similar to theirs. With this mindset, an individual will be much more inclined to work for a company that, say, embraces ecological sustainability. Therefore, your organization should be clear on its position on current issues such as climate change, equity, and sustainability.

  2. Embrace Wellness

    There is an increasing awareness of the importance of wellness and thus an increased desire for wellness-based perks. So you should consider offering the following:

    • Discounts to employees’ preferred gyms
    • Access to workout equipment during breaks
    • Fitness tracking devices
    • The work environment that encourages movement, such as those with stand-up desks

    However, you should make these wellness practices optional because employees may not buy in if they feel forced to participate.

  3. Be Transparent

    Your employees should know where your organization is headed, how they fit into your plans, how they can be more valuable to you, and how you will compensate them for their efforts.

  4. Give Them Room to Grow

    Employees won’t stick around for long if they feel stuck in a rut. To attract and retain talent, you should find ways of challenging and engaging employees. You can incentivize your employees to stay by providing development and training programs and helping them thrive in their careers.

  5. Don’t Forget the Small Gestures

    Small steps like giving your employees paid birthdays off, celebrating employee appreciation day, and embracing work-life balance can greatly boost employee morale.

  6. When in Doubt, Ask Questions

    If you want to fully understand your employees’ needs, you should consult them. They may come up with fresh ideas to boost their productivity and increase their flexibility.

    Organizations that offer the best benefits and compensation attract the best of those looking for work and those willing to jump ship from other employers.

Are you looking for a consulting firm for salary, legal, and other human resources issues? Contact the professionals at McKnight Associates, Inc. We are ready to offer you hands-on human resources consulting for colleges, universities, medical centers, and organizations of all sizes.