The buzzword in benefits and compensation training these days is Total Rewards. In the competition for talent, it’s not enough to offer a high salary—you have to have the entire package. In fact, more and more Millennials and Generation Z value perks other than base salary. Fortunately, some of these perks can be simple and affordable even for small businesses.
Total Rewards encompasses all the elements a prospective employee may deem as valuable. This includes anything the prospect could benefit from as a result of being employed by the company.
Benefits, compensation, Total Rewards… How do you know what’s best for your organization and its employees? What strategy will increase retention? How do you get C-level buy-in?
To take your benefits and compensation to the next level, you’ve got to think outside the box. Read the tips below:
Benefits & Compensation Training Tips to Improve Recruiting and Retention
Understand the different types of compensation
Direct compensation: an employee’s base salary and any premium payments such as overtime or on-call pay.
Indirect compensation: also called benefits compensation, this includes protection programs such as health insurance, social security, and worker’s comp as well as paid-leave.
Intangible compensation: any non-monetary rewards like telecommuting, continuing education, wellness programs, flexible schedules, etc.
Recognize the changing demographics of the national workforce and your employees.
Not only is the workforce changing—goodbye Baby Boomers, hello Gen Z—but your employees are also. A younger, entry-level employee may desire more workplace flexibility like telecommuting or flex hours options, whereas a mid-level manager may value benefits that contribute to retirement plans. Instead of having the same perks and benefits for all employees across the board, try customizing plans based on employees. You will still want to place high importance on high-achieving and tenured employees.
Utilize data to identify what’s working and what’s not (and get buy-in)
Total Rewards helps attract and retain talent and also uses data to identify potential work-related dissatisfaction which therefore mitigates costs associated with turnover,” says veteran compensation consultant Glen Lerner in his article making a case for total rewards. How can you get stakeholders’ buy-in? Use insights from data to identify and solve any hiring, onboarding, or retainment issues. Show them where the need is and how a certain benefit or compensation can help solve it.
Invest in the long-term development and satisfaction of your employees.
Consider the things that contribute to employee burnout. Implement benefits or programs that will help combat it. Work-life balance, education resources, career and leadership development, can all help you invest in your employees in the long term. Not only will they feel valued and want to give back through their hard work, but you will actually be investing in your assets of human capital. Your employees will work smarter for you!
What can your organization include in benefits and compensation for employees?
- competitive salaries
- incentive-driven bonuses and perks
- flexible PTO, hours, and location
- long-term benefits to increase retention
- affordable health plans with decent coverage
- retirement plans
- continuing education and/or tuition assistance
- wellness programs
- events to boost company culture
Benefits and Compensation Training Resources
Looking for benefits and compensation training to help you in your career? Good news! There are a lot of options out there. We’ve highlighted some paid and free resources we think you’ll find valuable.
World at Work offers benefits and compensation training and certification programs.
Benefits Training and Consulting offers webinars and workshops to help all level of benefits and compensation professionals.
SHRM offers on-site and virtual training seminars on compensation structures and systems. They also offer a full library of resources on compensation on their website.
Join some of these LinkedIn groups to engage with thought leaders and other benefits and compensation reps. Here are some LinkedIn groups we recommend for benefits and compensation training:
Compensation & Benefits Forum (Subgroup of Linkedin: HR)
Read up on all things benefits and compensation training. Here are a few blogs we recommend:
The days of the “one-size-fits-all” benefits packages are long over. To attract and retain top talent, consider adopting a total rewards attitude for all parts of HR and stages of employee tenure. The first steps? Get company buy-in and educate yourself on all the benefits and compensation field has to offer.