Thinking Beyond Salary: Tips for Creating a Solid Compensation Package

Your company's compensation strategy is a key component of employee retention, so it's important that it get the attention it deserves. Don't assume that just having a pay scale for your positions and offering insurance is enough for your potential employees. Instead, work with a consultant, like the professionals at Fox Lawson & Associates, A Division of Gallagher Benefit Services Inc., to develop solid compensation strategies that will help your company be competitive in your industry. That way you can attract and retain top talent in your field.

Offer A Bonus Structure Based on Performance

Create a clear performance-based bonus structure. Consider doing quarterly performance reviews with targets for each employee to work toward, and if those goals are reached, employees receive a generous bonus for their success. This encourages your staff to continue to strive for success, which improves the quality of your business. At the same time, it offers more encouragement than the annual review and bonus system because rewards come more frequently.

Provide Awards For Achievement Recognition

Institute separate goals for monthly award programs. Offer certificates of achievement or something similar to employees for reaching monthly targets or goals. These won't cost your company much, but will provide a consistent feedback system for your employees so that they are continuously encouraged to keep striving for success.

Make Continuing Education Accessible

When you encourage your employees to better themselves and enhance their own knowledge, they are more likely to become successful, loyal, top-performing workers. Find an educational organization in your industry to make continuing education classes affordable and accessible for your staff. This offers them an incentive to continue growing their career, which will help improve your business as well.

Show That You Care About Total Health

Employees feel more valued when the company they work for offers them ways to maintain their health as well. In addition, when your employees have accessible health care services onsite, it leads to a healthier work environment overall. Check with a few local services about implementing an onsite employee wellness program so that you can provide your staff with the tools to keep themselves at their best.

Implement A Flexibility Plan

With work-life balance becoming a primary focus for many employees these days, establishing a system that allows for flexible schedules and home offices may help you to retain valuable employees. You can include this type of plan as part of your compensation package, showing that you value your employees' ability to balance their work and home responsibilities. Sometimes an offer like this can be the tipping point between multiple job offers.