Are Competitive Pay & Benefits Enough?

In today’s recruiting market employers are finding it a challenge to attract and retain adequate talent.  The tight labor market has challenged employers to find creative ways to keep the employees they already have and to attract qualified applicants.  Employers who are only focusing on recruiting new talent are already behind in the talent wars. Simply said – they’re still losing talent that has to be replaced – there’s no way to catch up.  Think about a boat with a hole in it; while you are bailing out water with a bucket, the boat is sinking faster than you can bail. 

The minimum in this environment is competitive pay and benefits – the starting point.  After making sure that your pay and benefits are competitive, your company must stand out in any way that you can:

  • more vacation than average
  • a better culture
  • increased employee learning and development
  • more autonomy
  • a nap room

 – Get creative! 

Recruiters need to be sales people now! That means that recruiting must use marketing tactics to wow future employees.  Your company must present itself in the job market as an employer of choice, with a good reputation, exceptional benefits, and an engaging culture. 

Stop bailing out the sinking ship, and start showing your present employees all the great benefits that come along with being employed by your organization. Without reminders, it’s easy for employees to think about that paycheck that they bring home as the only motivation to be on your staff.  Start communicating with your team about the Total Rewards that come along with their employment. 

What does showing employees their Total Rewards look like?

  • If you subsidize the cost of food in your employee cafeteria – remind your employees WHY you do it. 
  • If your company has great training opportunities, let employees know what results they might be able to expect as they continue to learn additional skills.
  • If you have a ping pong table and ice cream machine in the breakroom – let your team know WHY you think it’s so important for them to trust each other socially so they can improve professional productivity.

Start incorporating company-wide communications on a regular basis (maybe monthly or even quarterly) to remind your present staff about the ways that your organization is creating a culture that appreciates the work that they do!

To learn more about how you use employee benefits to retain top talent and attract new talent, join EANE on Thursday, July 18th for our Annual Compensation & Benefits Conference. We will spend time examining what makes a competitive benefits package and show you how to make the most of the benefits you’re already offering your employees!