The “Great Resignation” of 2020 didn’t just catch companies off guard – it completely upended the way many businesses operate. In response, an increasing number of companies are revamping their benefits packages in an effort to improve retention rates and keep top talent happy. Here are 5 ways companies are upgrading their benefits packages:
Offering more vacation days
As an employer, offering more vacation days can be a beneficial strategy for compensation analysis and employer branding. Vacation days provide an attractive compensation package to current and potential employees, and can have an overall improvement in employee satisfaction, retention, and productivity.
Additionally, employers can discover opportunities to reduce costs in areas such as compensation, benefits packages, and on-boarding. Vacation days should be part of a comprehensive compensation analysis and employer branding strategy in order to maintain a competitive edge.
Providing flexible work hours and remote working options
For businesses looking to stay competitive in this virtual working environment, providing flexible work hours and remote working options for their employees is integral to increasing productivity and employee satisfaction.
Employers need to conduct compensation analysis to ensure compensation rates are up-to-date and reflect fair pay, in order to establish trust with their employees. This can also help to foster a strong employer branding strategy by showing that the Employer is committed to offering adequately compensated positions with a few modern additions, like flexi-hours or remote working opportunities.
Increasing salaries
Increasing employee salaries can be a great way to boost engagement, motivation, and job satisfaction. However, companies should approach salary increases strategically. Effective compensation analysis is required to consider how existing compensation packages align with the goals of an organization before implementing wage increases.
Additionally, with employer branding becoming increasingly important, properly evaluating compensation packages is integral for creating a positive organizational image among current and prospective employees. Companies must thoroughly weigh the pros and cons of increasing salaries so that any changes are made in accordance with their individual compensation strategy.
Enhancing health insurance plans
Companies are now investing more time and resources into enhancing the health insurance plans they offer to their employees. This is because compensation analysis has become such an important part of employer branding.
By offering competitive compensation packages that include health benefits, employers can ensure they possess an advantage in attracting and retaining talent. Working with experts in compensation analysis to align a strategy that provides health insurance options can boost morale while helping create financial security among current and future employees.
Adding or improving other perks, such as free food, gym memberships, and transportation reimbursement
Employers are increasingly turning toward compensation analysis and employer branding as part of their overall strategic initiatives. Adding or improving things like free food, gym memberships, and transportation reimbursement is not only employee-friendly and attractive, but it also provides long-term benefits such as increased employee retention and morale.
These types of perks can help to ensure employees view the company in a positive light and become better invested in its mission. Consequently, employers can save on compensation costs associated with hiring new employees or have more money to potentially invest back into the organization’s operations or further compensation incentives for existing staff.
It’s no secret that in order to snag and keep the best talent, companies need to offer competitive benefits packages. And while many organizations are aware of this, putting these plans into action can be difficult.
If you’re looking for ways to improve your company’s benefits offerings, take a look at some of the most popular trends right now. Offering more vacation days, providing flexible work hours and remote working options, increasing salaries, enhancing health insurance plans, and adding or improving other perks, such as free food, gym memberships, and transportation reimbursement are all great places to start.