How to Design a Strong Compensation Package with Employee Benefits
How to Design a Strong Compensation Package with Employee Benefits
If you want to attract the finest talent to
your company, one way to do so is by enhancing employee compensation packages
with enhanced benefits. In a number of industries in Ireland, providing
benefits such as paid maternity and paternity leave, health and dental
insurance, disability insurance, life insurance, and pension plans has become
standard practice
The initial step is to determine what types
of benefits packages your competitors offer. If you have employees who came
from a competitor or if you have contacts among your competitors, you should
communicate with them to learn as much as possible
Current employees can be a valuable source
of information. Conduct surveys to determine their opinions on the strengths
and weaknesses of the company's current benefits packages, and don't neglect to
interview departing employees
It is becoming increasingly common for
businesses to collaborate with a benefits consultant when designing their
benefits packages. An experienced employee benefits advisor can bring
invaluable experience and knowledge to the table, as well as offer practical
assistance and advice for providers, benefit plan design, and obtaining the
best market rates
After creating an attractive benefits
package, the next stage is to effectively communicate and present it. The
document describing the bundle should be visually appealing and packed with
information about its benefits.
Whenever your company adds a new position
to its careers page, ensure that the job description includes a comprehensive
overview of the benefits package, with an emphasis on the elements that are
most likely to appeal to your target candidates
As early as feasible during the interview
process, it is essential to include the benefits package in the conversation.
The candidate will be familiar with the salary, but may not have a complete
understanding of the benefits package. This is an excellent opportunity to
promote your organization by describing the advantages of working for it
According to a survey conducted by Irish
Life Corporate Business, nearly three-quarters of employees believe it is
essential to be fully aware of the benefits they have, and 37% of employees
want benefits information to be communicated more clearly. Through workshops
and one-on-one meetings utilizing the skills and expertise of your Benefits
Advisor, take the time to ensure that your employees are aware of the benefits
packages available to them
Conclusion
By offering a strong benefits package,
employers can attract the best employees, while retaining and motivating their
existing workforce. A modern, attractive range of employee benefits has become
a crucial part of any company’s compensation strategy.
References
Merhar, C., 2016. Employee
Retention - The Real Cost of Losing an Employee. [Online]
Available at: https://www.zanebenefits.com/blog/bid/312123/employee-retention-the-real-cost-of-losing-an-employee
[Accessed 16 April 2023].
Mullins,
L. J. & Christy, G., 2016. Management and Organisational Behaviour. Harlow:
Pearson Education Limited.
Rees, G.
& French, R., 2016. Leading, Managing and Developing People. London:
Chartered Institute of Personnel and Development..
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