Promoting Total Compensation throughout the Employee Journey

October 29, 2022by Jennifer Murray0

The discussion continues…talent acquisition and employee retention continue to be considerable challenges for organizations in all market segments. This trend has underscored the need to focus on culture to identify opportunities for improvement. As you consider your culture, you may also discover ways to refresh and amplify your employer brand. Often, we find that organizations are underselling themselves. The employment decision is not about an additional $5,000-$10,000 in salary for some job candidates when they see the full picture and the total compensation package.

I raise this opportunity now as at least 50% of the U.S. organizations evaluate their benefit packages that will renew in December or January. As you consider what you can offer employees this year, look at the treasure chest of options you currently offer and ensure that you are communicating as many as possible during the open enrollment meeting, as well as during interviews, and throughout the year.

Let’s start with the quick hits. If you are offering a stipend, a contribution toward, or fully funding employee medical insurance, that will capture the attention of prospective employees. It is even more meaningful when you can show them the annualized dollar amount of your contribution. Given the pandemic and post-pandemic increase in mental health issues, it is essential to call out how mental health therapy is covered. Some plans include a telemedicine benefit that includes mental healthcare. There are also standalone Employee Assistance Programs (EAP’s) that may be worth exploring. They include a wide range of solutions, including meditation apps, group counseling, and face to face visits.

Paid Time Off (PTO) is a benefit that has quantifiable value. Some organizations also offer time off for school activities, new baby, or adoption leave, and for participating in community service activities. The value of the time off policies varies with the individual employee’s rate of pay, but it is easily quantifiable.

Highlighting all aspects of salary treatment is advantageous. If you have a bonus plan, long-term savings plan with company match, referral program, or pay day loans, these are all key considerations when a candidate considers the financial package. Long term savings plans can be confusing to employees. By providing financial examples that demonstrate the value over a period of five or ten years will help to crystalize the value. Do you have a matching gift program? Employees that have passion for a particular cause appreciate the additional contribution their organization provides to support their charity. Additionally, if you have applicants or employees that do not speak English as their first language, explaining the job opportunity and benefits in their native language is imperative.

From an employee retention perspective, the Financial Advisors for your long-term savings plan may offer financial counselling. Some EAP’s offer financial counseling, as well. If they can help employees establish a budget and reduce debt, the employees will have one less distraction impeding their productivity and realize greater value in their benefits package.

We frequently learn that applicants left their prior position because they wanted growth opportunities. What career development options do you have in place? I encourage you to share the typical investment with prospective employees. It may be a tuition reimbursement program, paying for certifications, or leadership training, as examples.

Athleisure became popular during the work from home COVID period. Many organizations provide uniforms or branded apparel. This practice markets the organization and provides a valuable employee benefit, especially if the clothes don’t require ironing! Having a supply of company-branded shirts makes the dressing decisions easy.

Gas prices have increased recently. If your employees have a company vehicle and/or gas allowance, the value of that benefit has increased considerably, as well.

Let’s assume that you covered all of these amazing benefits during the interview and new hire onboarding program. The new employee absorbed the key benefits that were top personal priorities. Throughout the year, it is advisable to repeat the message using different modalities to reinforce the total compensation package. The annual open enrollment meeting and employee benefits guide are two options.

As a final note on the benefits renewal process, consider your employee base and their needs. Even if you maxed out your budget for company-paid benefits, you may have the option to add voluntary benefits. Here are a variety of coverage lines to consider: dental, vision, legal, identity-theft protection, disability, pet, long-term care, life, accident, critical illness, and fertility benefit.

Many organizations have a robust benefits program. Promote it throughout the employee journey to support your recruiting and retention objectives.

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Headquarters
230 Hampton Woods Lane, Suite 101 Raleigh, NC 27607
Satellite Office
2929 Breezewood Ave. Suite 101, Fayetteville, NC. 28303
Where to find us
https://onboardwithus.com/wp-content/uploads/2021/07/img-footer-map1.jpg