Organizations often struggle to find the right balance between their operating budget and employee benefits. Increases in expenses can often lead to difficult decisions, however, you don’t need to be a corporate giant to afford and retain top talent. In fact, most organizations are perfectly capable of providing a great benefits program. Assuming, of course, they are willing to consider changing the status quo or think outside of the box.
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[contact-form-7]Four Key Strategies
- Conduct an employee survey. It is unwise to think your employees value the same things. In order to fully grasp the concerns and values of your employees, you will need to conduct a survey that allows for both anonymity and honesty. The simple fact that you are making an effort to discern what matters to your employees is a huge step toward engaging loyalty and positively impacting your corporate culture.
- Consider all suggestions. Keep an open mind rather than dismissing ideas that seem impossible to implement or too costly to the bottom line. For example, if your employees express an interest in flexible scheduling, consider how the idea can be modified in order to create a compromise. Look at other organizations to see if there are similar programs that work. Instead of nixing the idea, invite impacted employees to participate in structuring how the program would work or what can be done to overcome obstacles.
- Invest in a professional assessment of your current programs. Is it time to update your current benefits? Many organizations fail to realize that their existing PTO or wage structures may be out of date. A moderate adjustment to wages may not seem budget friendly, but will likely save you money from the costs associated with high turnover and talent loss to your competition.
- Create Transparency. Analytics can help your employees better understand the financial investment that you have in them. For example, a total compensation statement can provide employees with a more comprehensive view of their actual income. By detailing the monetary value of benefits provided by their employer, employees can ascertain a more accurate perspective of their worth to the organization.
Remaining competitive in today’s marketplace often means that it is time to take stock of what your current program includes and where changes and updates may need to be made. Valuing your employees is more than just handing out raises. Reach out to one of our HR consultants to see how we can help you get started with an employee survey or benefits review and on your way to stronger employee engagement.
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