As business professionals, I’d like to think that we all realize compensation and benefits are important. I agree that employees want to work for companies with a positive brand. They want to do meaningful work. Employees want supportive managers and coworkers. But there’s a basic assumption that the employee is being paid internally equitable and externally competitive.
Compensation is important because it plays a role in performance and employee recognition. Organizations use performance to determine who gets a promotion. They use performance to tell employees they’re doing a good job (and conversely coach them when they’re not).
Performance is how employees help the organization thrive and grow. It’s smart to separate performance from pay. But organizations have to be consistent.
Recognition and rewards help build employee engagement. But only if they rewards are valued by employees. Kronos shows how recognition really matters.
I’d also like to think that we would agree that benefits and perks should be considered a part of total compensation. Last year, you weighed in on several topics that had to do with employee perks, benefits, and the workplace. I think we’re going to see more of these topics this year.
Music at work may be a requirement for most employees. Poll results show 98% want to listen to music at work. Here are the top music genres employees want.
Travel incentives offer unique employee experiences. They are also a meaningful expression of thanks in rewarding employee performance.
Does free food as a perk matter? Employee perks are making a difference in employee recruiting and retention.
The biggest benefit that organizations are talking about these days has to do with flexible work. Whether it’s giving employees flexible scheduling or implementing an unlimited time off policy, employees want control over their time.
Technology can bring the freedom to work from anywhere. But we have to put serious thought into how and where we work best.
Flexible work is something many employees want. Be strategic about employee retention and engagement. Technology can help make it a reality.
Unlimited time off programs help employee plan and focus on the needs of the company. That can help with productivity and scheduling.
But updating employee benefits can be tricky. It’s
probable pretty likely we won’t make everyone happy. When it’s time to
make changes to employee benefits packages, consulting legal counsel to put
together a strategy could make a lot of sense.
Grandfathering benefits has pros and cons. Attorney Samuel Hoffman with Foley & Lardner explains why companies should consider all of their options.
Benefits can be tricky and emotional because they usually won’t last forever. Here are a few considerations when eliminating a benefit.
The business world is changing. That means what employees are looking for in terms of benefits will change too. As human resources professionals, we need to stay on top of trends and work with internal and external stakeholders to put a solid plan in place. Because that’s what will keep us ahead of our competition.17