The new shape of Benefits and Compensation

We need to all come to terms with the fact that the rewards and benefits of the past no longer meet the ever-increasing needs of the modern employee. As leaders within the company, we have the mindset that it is an Employer’s market, but if we do not retain our top talent we will be faced with an operational disaster. The core elements of any benefits and compensation package need to incorporate as many of the following as possible;

1. Be related to personal or team performance

2. Be based on job responsibilities

3. Be easy to measure

4. Be seen as significant to the employee

5. Improve productivity

6. Deepen the workplace culture and loyalty to the company

7. Increase team work and collaboration at all levels

In order to be a leader in the field of benefits and compensation, consider reviewing your existing program and ensure it meets the future needs of your people. We have provided a listing below of some of the key benefits employees of today are looking for;

1. Improved healthcare benefits – ensure it covers mental health

2. Flexibility in work routines and locations of work

3. Gamification – make competition and delivering of goals fun and rewarding

4. Increase learning and development opportunities

5. Provide job security options

6. Increase job evaluation and pay structure frequency

7. Increase the autonomy we give our people

It has been proven over the past 9 months that most companies that have continued to operate during the pandemic have already unofficially offered these benefits to their people. To be a leading organisation, the next step is to make this part of the formal benefits and compensation offering to your people.