6 Secrets to Using Compensation and Benefits to Win the War for Talent

When it comes to attracting the best and brightest talent for your company, compensation and benefits are your secret weapons. But what are the best ones, and are you using them to their fullest potential in order to keep employees engaged? Let’s explore the top six to find out.

Secret #1: It’s not all about money.

Salary certainly isn’t everything. Especially when it comes to millennials. You may even find that your more traditional employees have wants and needs that don’t involve increasing their pay.

Secret #2: Will work for wellness.

One of the biggest trends the HR world is seeing is the desire for wellness-based perks. This doesn’t necessarily mean health insurance (also that certainly helps!), but more along the lines of the following:

• Access to fitness equipment on their lunchbreak
• Employee discounts to the gym of their choice
• Complimentary fitness tracking devices, with the encouragement to meet daily step goals
• Group training for charity-benefiting 5Ks
• Work environments that promote movement, such as companies with stand-up desks

The key to this secret is to make it optional, as many employees won’t buy in if it becomes mandatory.

Secret #3: Be open to being open.

Transparency is another buzzword of the industry. Employees want to know how the company is doing, where they fit into your strategic plan, how they can improve to become more of an asset, and how you are in turn going to compensate them.

Secret #4: Size matters. As in, don’t forget about the little things.

Sometimes the smallest gesture makes the biggest impact on a company’s culture. Employee appreciation day. Getting birthdays off with pay. The option to work from home one day per week. Casual Fridays. Embracing work-life balance. Saying hello in the hallway. It seems employee morale simply can’t be bought.   

Secret #5: When in doubt, ask it out.

Curious what makes your employees tick? Ask them! You may find that their needs are completely in line with today’s compensation trends, or that they have a brand new idea, destined to create the productivity you need and the flexibility they want.

Secret #6: Use your compensation management software to plan ahead.

Using all of the intuitive features of your compensation management software will help you stay on top of keeping and retaining top talent. The power is at your fingertips.

Curious how SuccessFactors Compensation measures up? Get in contact with an AltaFlux expert today, and we’ll gladly share our knowhow.