As important as it is, compensation & benefits is an ever-changing topic. Not only does marketplace worth and salary information ebb and flow with the financial quarter, but now we’re seeing that other workplace perks are evolving as well. Here are five of 2017’s hottest trends when it comes to employee retention and recruitment.
1) Real-time compensation
Did your marketing manager just take on a new massive undertaking on top of her current full-time responsibilities? Wonderful! Are you planning to give her a coordinating pay increase? Great! Are you waiting until review time to make that be known? Fail! When a valued employee goes above and beyond to help your company, don’t make them wait for the compensation they deserve. In fact, treating each employee on a personal level when it comes to compensation, incentivizes employees to work harder for you and dedicate themselves to the compensatory goals you set together.
2) The ability to customize
Depending on the stage of life that an employee might be in, there may be a mix of wants when it comes to flexibility. And as long as they can get their work done, why not? For parents of young children, it maybe something like the ability to work some of their hours remotely. For new graduates, it may be a student loan forgiveness program. Seasonally, it may be the option to take time off when things get slow. The bottom line is that employees want to be assessed based on both their performance and their desires – as long as it makes sense. In this way, it becomes is a win-win benefit.
3) The “what else” factor
Even if you offer up a solid starting salary, job-seekers—especially millennials—want to know what else you’ve got to offer. In some cases, the “what else” can even make up for a salary that’s a bit lacking. Companies are getting quite creative with benefits, and are including things like promoting a fun employee culture, offering wellness memberships and opportunities, increasing retirement contributions, ensuring pay equality, and other creative incentives.
4) Extending the ladder
Employees want to know where their career is headed. When asked the dreaded, “where do you see yourself in five years,” question, first give them reasons to consider including your company in their answer. This includes things like professional development opportunities to groom them for their next position within your organization, or contributing to any schooling they need to advance their career with you. When shown the ladder of opportunity, employees can indeed envision a successful future with you.
5) Praise for a job well done
At the end of the day, receiving the two most magic words any worker can hear goes a long way. “Thank you,” when expressed genuinely, makes anyone proud of what they do.
See how intuitive compensation management software, like SuccessFactors Compensation, can help you lucratively implement trends like these and be rewarded with engaged employees. Contact us today to get started!
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AltaFlux understands what you and your organization need to excel, and can deliver rapid innovation to unleash your full workforce potential. Together, we can empower your business by streamlining, transforming, and optimizing your key HCM and talent processes with industry-leading SAP SuccessFactors technology—enabling you to adapt at the speed of change.
AltaFlux Corporation is a global HCM cloud consulting partner based in Troy, Michigan. We empower organizations by streamlining, transforming, and optimizing key human capital management (HCM) processes with industry-leading HCM cloud solutions like SAP SuccessFactors, Benefitfocus, WorkForce Software and Dell Boomi.