If a company were to create a hierarchy of needs similar to the one developed by Maslow, a fair compensation and benefits package would be at its base. These packages are a basic requirement that all good employers need to attract top talent. Even more importantly, these benefits keep employee satisfaction high after talent has been hired. Read on for simple tips on how your organization can create innovative and effective reward programs that will inspire and engage your employees (that don’t break the bank!)
- Keep It Simple
One complaint that we often hear from employees about reward programs is that they aren’t comprehensive enough. Employees often don’t understand how they get bonuses and aren’t aware of all the benefits available to them. When developing and communicating compensation plans to employees, ensure that the plan is easy to understand. Take the time to review the details with employees, and keep an open line of communication with them regarding those details.
- Align It With Your Employee Value Proposition
Knowing and articulating your company’s guiding values is absolutely key to the development of a benefits plan. Rewards should not be a standalone program. They should be fully integrated and aligned with your EVP, as well as with your company’s values and strategic objectives. Rewards should be designed to drive behaviours mapped out by clear company goals.
- Ensure It’s Universal
Top employer brands don’t treat certain employees better than others, and the same should go for compensation and benefit packages. Your company should offer similar programs and benefits to all employees, regardless of their position. This fair treatment will foster a more positive attitude among employees, specifically those in entry-level positions looking to move up.
- Have a Human Touch
Developing benefit programs that satisfy individual employee needs takes constant communication. When getting out the message, don’t be afraid to show a little personality. Use language that connects individuals to the organization when describing your programs. Avoid legalese, industry jargon or needlessly complicated wording. And of course, always remember to thank your team for the hard work they do.
Compensation and benefits are the biggest expense for most companies, so make sure you conduct regular external benchmarking, as well as employee outreach to ensure you’re meeting the needs of your staff. By keeping your packages simple, guided by your values and aligned with your EVP, universal to all employees, and personal, you can achieve top employee engagement. And in turn, you can expect top performance.
About Blu Ivy Group
Blu Ivy Group is a leading employer branding and employee engagement consultancy that aligns your organization with contemporary workplace paradigms. Blu Ivy Group’s mission is to help client’s build award-winning people practices, inspire extraordinary employee engagement, and cultivate unique and desirable workplaces.
Blu Ivy Group provides integrated solutions in employer brand and engagement research, strategic consulting, employer brand integration, creative and talent communications.
Blu Ivy Group is a trusted partner to many of North America’s most respected employer brands. For more information, go to www.bluivygroup.com