How Do I... offer the right compensation?
Without a doubt, paying employees a
fair market wage is very important for attracting and retaining
workers. However, there is much more to compensation than just
salary. Total compensation includes an employee's pay, health and
other benefits with monetary value, and non-cash benefits like
training and development opportunities. Make sure you are promoting
the "total compensation package" you offer employees.
- Benchmark your compensation package using the resources listed
under "Resources."
- Want to know what matters most to your employees or how you can
improve your total compensation package? Ask them!
- Consider offering different forms of compensation for different
segments of your workforce. Things to consider:
- Young employees might be more interested in current earning
opportunities such as bonuses and overtime rather than in
accumulating a pension.
- Employees with dependents might value extended health benefits
or more paid vacation time.
- Employees pursuing a chosen career may look for formal
development and learning opportunities.
- Employees with child or elder care responsibilities may seek
careers that allow for work/life balance.
Resources