30 Apr Does Your Compensation Solution Help You Appeal to Talent?
Indeed.com recently revealed its list of top-rated workplaces for compensation and benefits. Year after year, many of the same employers tend to make the list, leaving professionals to wonder: what is it about their compensation practices that employees are so drawn to?
Perhaps the better question is, are you using a compensation solution to retain and attract talent in your industry?
The Many Ways of Appealing to Talent
At the top of the list is retail titan Costco, known for paying nearly twice minimum wage. Yet, paying so high above market value isn’t feasible for most companies, so what are the other characteristics employees seem find valuable?
Holding the second spot is Kaiser Permanente, which employees ranked highly due to advancement opportunities, in addition to wellness and work-life balance initiatives. Then there’s Starbucks, which has made headlines for its above-and-beyond benefits offerings, including IVF coverage even for part-time workers.
Clearly, there are many options available for attracting a dedicated workforce. The key is knowing what your employees consider most valuable, and tailoring your total compensation plan accordingly.
Where a Compensation Solution Comes In
Many organizations now have multiple generations in the workforce, each with their own unique needs and wants in terms of employee benefits. One main objective of your compensation plan should therefore be to ensure each group has visibility into the broad range of options available to them.
If you’re not able to pay competitively within your geographical region or industry, for example, you can still attract and retain talent through other means. Development opportunities, work-life balance initiatives, and additional incentives can be leveraged to craft a compelling value proposition that prospective talent may find appealing, and existing employees can continue to appreciate.
Compensation technology ensures all employees have visibility into their benefits options by giving them the power to access their total rewards information from anywhere. It also provides a direct line of sight into important compensation planning elements like budget allocation, promoting visibility for parties such as senior management and HR. The result is a more informed workforce that has a full understanding of the many ways the organization compensates its people.
HRsoft is the trusted global leader in compensation management software whose COMPview solution is proven to control and simplify the full process and allocation of merit, bonus and equity awards to drive manager and employee engagement.