Ten Creative Ways to Strengthen Your Compensation Package
Our HR Director weighs in on some creative ways to strengthen your compensation package to recruit and retain high-quality candidtaes.
Go Beyond Wages and Use the Collaborative Community Approach
If your company is looking to be more competitive in the hiring market, it might be smart to revisit your current compensation package. Weigh what you’re currently offering and think about ways to increase perks without necessarily increasing wages.
“Small acts with big impacts can get you there,” is what Kely Blackburn, Human Resources Business Consultant at Morris & Garritano, recommends.
Begin by considering what other businesses in your area provide and look for potential partnerships there to share services or mutual discounts. This community approach can enable lasting, creative benefits for your candidates and employees.
Evidence in the current hiring market shows what we’ve been doing isn’t working any longer. Thinking outside the box to find creative ways of strengthening your compensation package can go a long way in attracting higher-quality candidates and increasing overall satisfaction in your workplace.
Consider some of these innovative solutions to strengthen your compensation package offerings:
Childcare support and flexibility
- Family is often on the top of many workers’ priority lists, so consider offering extra support in this area.
- Offer support for childcare or flexibility in workers’ schedules to allow for them to prioritize their families during the week. For example, if an employee needs to accommodate picking up or dropping off their kids at school or daycare, provide them the opportunity to start their workday later or end earlier.
- Allowing employees to make time for their families’ needs can go a long way in reducing their burdens and hesitations to commit to traditional work schedules.
Corporate rewards and discount packages
- Partner with local businesses or corporate programs to offer stipends or discounts for your employees.
- Perhaps there is a local vendor team or company you can offer discounts to in return for discounts or services from their business. This mutual benefit sharing can offer valuable perks to your team.
- Companies such as Fond can help get you started with corporate perks to offer online discounts and incentives to your workers.
Employee referrals and annual bonuses
- Incentivize your employees to recruit for you while rewarding longevity with the company. Consider offering cash bonuses for employee referrals once the referral is hired and successfully completes their initial months of employment. This can encourage your employees to not only do the heavy lifting of recruiting for you but also spread positive words about your company in the community.
- Offer your employees cash bonuses on the anniversary of their hiring date to incentivize longer-term employment and retention. Having a reward to look forward to gives positive reinforcement and stands as a great perk in the recruitment process.
- If you have other business locations or industry partners, consider building a relationship to open flexibility in an employee’s schedule or ease commutes.
Family events and organized activities
- Don’t forget that a big part of retaining workers long-term involves promoting positive workplace culture and engagement. Think about what options are available to you by sponsoring fun events or activities to brighten up the work environment.
- Host a seasonal or annual picnic or holiday party that employees can bring their families to. It’s all about the connection!
- Think of ways people bond and organize clubs or groups within the workplace around certain hobbies or interests that employees can participate in during lunch hours or after their shifts.
Hybrid schedules or remote work
- Consider how you can allow for flexible working hours or locations to help your employees foster a healthy work-life balance.
- If possible for your business, consider adopting a hybrid work environment. This can reduce commute, health risks, and even costs of leasing a large office space.
- Offering a fully or partially remote employment position can open hiring potential to candidates beyond your immediate region or retain veteran employees who may relocate out of the area.
Meals, catering, or small events
- Offering regular refreshments or meal offerings for your employees can ease significant stress during the workday.
- Consider the value of partnering with local restaurants or bakeries in the area and provide regular lunches or early morning pastries for your employees to show your appreciation. Invest in hosting regular team meetings with catered meals, or celebrate holidays, birthdays, anniversaries, and retirements with simple food and beverage spreads during the workday.
- Offering something tasty to connect over gives employees something to look forward to and can build a stronger sense of comradery among team members.
Rideshare programs, car maintenance reimbursements, and hospitality discounts
- Sponsor ridesharing or vehicle service and hospitality partnerships to help reduce commutes and travel strain on your workers. If your employees commute from out of town, is there potential to offer shorter weeks with longer days to reduce commute times? Or perhaps host a corporate ridesharing program to offer employees carpooling options. Examples of various rideshare programs can be found at rideshare.org.
- Consider offering tax reductions on commuter expenses or providing discounts on public transportation purchases for your employees.
- Investigate options to partner with local hospitality and vehicle maintenance businesses to offer discounted services to employees.
Student loan assistance or educational development incentives
- Appeal to your employees’ continued growth by offering help with their education. Adding an annual student loan repayment assistance to your compensation package can attract younger and/or higher-educated workers. This could be a monthly cash stipend or an annual bonus.
- Encourage continued development by offering sponsored certification programs, college classes, or conferences. Investing in your employees can lead to lasting retention and loyalty.
Wellness programs such as gym memberships or mental health stipends
- Health and wellness are areas we have all been reminded of frequently during the pandemic. Consider health and wellness programs for employees to participate in such as discounted gym memberships, sponsored programs, or stipends for personal care.
- Some online programs and apps offer corporate membership options that could benefit your team.
- Explore options with local gyms or health clubs to find opportunities for vouchers or discounts to offer your employees as well.
For more on this topic, Kely is available to M&G clients to address any questions or concerns specific to your business. You can view the recording of our Recruitment & Retention webinar here. Follow M&G on LinkedIn for more insightful articles and webinars from our team of experts.