Employers want the best and the brightest employees to fill their ranks, and employees want to work for employers that value them.
Why not achieve both with a total compensation package?
What is a Total Compensation Package?
When we think “compensation”, we naturally think about salary — but that’s often only a small piece of the perks and benefits that employers provide.
Total compensation represents the whole package of benefits and perks offered to an employee, often going far beyond salary or other monetary perks such as paid vacation days. It’s a way of showing both current and prospective employees that you value them, and having a stellar total compensation package can attract top talent to your organization.
10 Additions to Create a Competitive Total Compensation Package
Consider adding these 10 perks to your total compensation package to attract and retain top talent in your organization.
#1. Flexible Schedules
This is hugely sought after by employees and is a great additional perk to any position and workplace. Flexible schedules allow employees greater work-life balance while still enabling to get their work done.
If you’re headed down this route, consider putting some parameters and policies in place so that expectations are clear.
#2. Volunteer Opportunities
Not only does paid volunteer time act as a great addition to your total compensation package, but it also creates better, more engaged employees, fosters stronger relationships in your communities, and just generally improves your business. This one is a win-win!
#3. Remote Working Opportunities
Similarly to flexible work schedules, remote working opportunities offer additional flexibility and work-life balance to employees, particularly those with childcare or eldercare concerns. This perk has seen a surge in popularity in recent years as the gig economy becomes more common!
#4. Competitive Employee Benefits
At the core of any total compensation package is your employee benefits coverage. More and more, prospective employees are looking at an employer’s benefits offerings prior to committing.
In order to be competitive — no matter your industry — you’re going to want to make sure your benefits are in line with employee expectations.
#5. Opportunities for Growth and Advancement
Employees — particularly Millennials and Gen Z’s — are looking for companies with the opportunity for growth and advancement. Having plans in place and room for growth is key. This ties in well with our next two additions to a total compensation package: professional development and mentorship programs.
#6. Professional Development Opportunities
Offering a dollar amount for employees to pursue professional development is another great perk. At Benefits by Design (BBD) Inc., we offer each employee $1,000/year to pursue learning opportunities.
Employees have used their dollars for courses, events, conferences, and much more. All of that learning is something that they carry forward into the workplace, ultimately making us that much better. Another win-win.
#7. Coaching and Mentorship Programs
More opportunities to learn and grow are always welcome in a total compensation package! Mentorship programs are proven to be beneficial for both the mentor and the mentee, strengthening relationships and teaching each about the fundamentals of the job, giving and receiving feedback, and more.
#8. Health and Wellness Subsidies
Consider “extra” benefits such as a Health Care Spending Account (HCSA) or Wellness Spending Account (WSA) for health and wellness purchases.
Not only does this encourage employees to take up healthy practices and activities, these are highly sought after benefits and actively make employees happier, more productive and engaged, and more satisfied in their job!
#9 Social Committee
A Social Committee brings employees together and gives them an opportunity to actively contribute to your community and express themselves.
For example, our own Social Committee has organized charity food drives, social celebrations, volunteer opportunities, and more!
#10 Paid Sick Leave
Offering paid sick leave may seem like something that’s automatically offered in almost any workplace, but that’s actually not the case.
Employees know that they may get sick and having reassurances that staying home from work to focus on recovery isn’t going to hurt their paycheque is a good thing for them, but also for you. Sick employees who come into work tend to get everyone else sick, which hurts productivity and absenteeism in a big way.
Believe it or not, there’s a lot more to talk about when it comes to a total compensation package.
Learn how to offer even more to your employees through total compensation!
