Compensating the employees that work for you does not simply involve paying them a salary or wage each payroll period. While the amount a person earns is an important factor in this, there are other factors you may not be considering as you try to create and use the best compensation strategies for your valuable employees. If you are currently working on a better plan for compensating the people who help your company succeed, here are several things to consider.
Offering A Good Wage Is Important
According to Forbes, the amount of money a person earns is the most important factor to most employees; however, it is not the only factor. In fact, some people would rather earn less money and receive other types of benefits than receive a large paycheck and hate their jobs. Therefore, paying your employees a good wage is an important part of any compensation package, as long as you realize this is not the only thing employees really want and desire from their jobs.
Employees Love Other Types Of Monetary Perks
Employees also enjoy receiving other forms of monetary perks, and this refers to things the employees receive that are worth money, but they receive them for free or for a reduced price. Health insurance is a prime example of this. Most people will carefully consider not only the income an employer is offering them, but they will also evaluate the health insurance plan too.
There are many other types of monetary perks you can offer your employees that they will appreciate, and this includes memberships to gyms, paid sick days, company stock options, and retirement accounts. Adding any of these into your compensation packages can be a great way to show your employees that you value them.
Most Employees Also Enjoy Non-Financial Forms Of Compensation
While a person's paycheck might be the most important factor to him or her, there are certain types of non-financial forms of compensation that most employees really desire and love, and these types are often harder for employers to recognize and offer. If you take note of these things and try to incorporate them into your compensation packages, it could make your employees feel more valued, and valued employees tend to be more effective and efficient with their jobs. Here are several important types of non-financial compensation options employees really like:
- A good work-life balance – While you may only know your employees from the work relationship you have with them, keep in mind that each of your employees has a family and duties and responsibilities to their families. If you want to give your employees something they really want, consider giving them more opportunities to spend time with their families. This might mean offering more days off or being flexible with their work-day schedules. Offering to let them work from home on occasion is a great option, or you could host more family events.
- To feel valued and have a purpose – Incorporating ways to make your employees feel valued and give them a sense of purpose is another option you should consider adding to your compensation packages. This is something employees highly desire with their jobs, and it makes them work harder when they feel like they have a purpose.
- Opportunities to move up – The other form of non-financial compensation employees are looking for is growth opportunities. Employees do not want to stay in the same job positions earning the same salary for years. They want opportunities to move up in the company, and this is a great option to offer your employees.
If you would like to create a compensation package that your employees will really want and enjoy, consider adding some of these options to it. To learn more about this, you may want to hire a compensation strategy consultant for help. For more information, contact companies like Fox Lawson & Associates, A Division of Gallagher Benefit Services Inc.