Keeping your employees happy and satisfied is tough enough as it is, there always seem to be someone bigger, better, or offering just that little bit extra to make you look bad.
You know for yourself that when you work at a company you want and need to feel appreciated, to know that you are valued for your expertise, skills, and worth and that the job you do is worth it in the end.
When it comes to looking into the compensation and benefits that employers are offering you ideally want ‘more bang for your buck’ as they like to say, yes you should always do something that you love because nobody wants to be in a job that is horrible and not enjoyable, but make it worth the effort for you.
To see more about this topic take a minute to check out https://www.sagepeople.com/faqs/what-is-compensation-management/#:~:text=Compensation%20management%20means%20the%20specialist,also%20benefits%2C%20bonuses%20and%20rewards. For a deeper insight into what you should be considering, or offer if you are fortunate enough to be in an ‘employing’ position.
Life is too short to do something not only half-heartedly but that isn’t valued for its time and talent.
3 Features when considering compensation.
I’d be happy if there was cake in the canteen every Friday but that’s just me, while my friends, on the other hand, wouldn’t even consider applying for a position if it didn’t tick the basics of their necessity boxes. Each to their own as my granny liked to say.
- Value. Is the employee bringing something to the table that is constantly evolving or allowing the firm to grow and expand financially? Are they essentially putting their money where their mouth is when they promote themselves and their skills set, and could the business function just as well if they weren’t there?
- Responsibility. Is the person you are hoping to hire going to be in charge of more or managing others, will the weight on their shoulders be proportionate to their salary package? Do they have targets to achieve, deadlines to meet that cannot go off track, these all relate to the monetary quality of pay.
- Growth. Is there room for growth by the individual to suit the needs of the business, are they willing and capable to step up to the plate as it were, and be loyal for many years to come. It is difficult to earn trust these days with so many opportunities each day presenting themselves, an employee who sticks with it is one to consider looking after.
What is the management of compensation?
The big title that nobody seems to understand much about yet somehow there is someone with this header on their business cards and the job is getting done.
It can be tricky trying to explain it and even more daunting to hear it if your package is not what you thought it could be, take a minute to find out more on managing compensation and how to do the job well, and even ‘what’ to know if you are on the other side of the table, ensuring you get what you’re worth.
Essentially it boils down to offering rewards and benefits for a job done well, bonuses, incentives, and even company team-building getaway excursions to boost morale and ‘drive’ employees to give their best each time. We don’t mind working for it, but when a company makes it worth the effort, you ‘want’ to do better.
Winning a boat or holiday home at the end of the year or an assignment would be amazing, but alas the ‘prizes’ are not that big, they do however inspire motivation to perform at your optimum level and strive to be the top dog.
A great conversation on this and the difference between total compensation can be checked out in this link but it is quite simple yet necessary to have these practices in place.
Whether you’re working towards a monetary lump sum as a completion bonus, tickets to a premier league football match, or even a spa weekend for 2 (yes, please.) the objective remains the same, keep employees happy within reason, capabilities, as well as financially and the work will continue to be effective.
It’s a win-win result implemented with a basic formula, good compensation management.