Top tips to get pay and bonus levels right to both attract and retain employees
Areas such as job satisfaction, development opportunities, corporate culture and a wellbeing benefits scheme may be enticing, but money will often be one of the main factors in someone’s decision to join or remain with an organisation. There are also numerous benefits for the wider business as a result of a well-balanced scheme, such as increased business performance, focussed objectives and increased morale and engagement from employees.
Use internal feedback to inform your decisions
Currently only 22% of employers regularly consult their employees to assess how well their current offering is meeting their financial needs, found the Health and Wellbeing at Work Report. Collecting feedback from existing employees can be invaluable in understanding their levels of engagement and satisfaction in your current offering.
If there’s a common theme throughout your organisation it provides an opportunity to address a potential issue in your current set-up and take meaningful action.
Align figures with business objectives
In order to get the most value from your employees it’s important to align their priorities and activity with the objectives your organisation has set. This will ensure your business reaps the benefits of improved performance by directing focus on the correct areas, and also helps to drive motivation throughout the year as your people strive to reach a common goal.
Breaking targets down into areas such as business, department, team and individual will also enable each person to understand how they can contribute and impact their own bonus results.
Conduct regular research externally
Take the time to understand how your industry and competitors reward their employees as this can be invaluable in helping you understand how to attract and retain talent. Setting these figures in isolation could result in your business offering pay and bonus levels below industry standard, which will likely deter potential candidates and cause existing employees to feel undervalued.
Regularly review your targets
Once figures are outlined there’s no reason they must be set in stone, after all we have no idea what could happen throughout the year and it makes sense to adjust them accordingly. Stepping back to review targets, particularly around bonus eligibility, throughout the year will ensure they remain achievable.
Communicating progress and performance figures throughout the year will help to maintain momentum and interest. Failing to keep targets fair will likely result in a loss of engagement, motivation and satisfaction from even the most loyal employees.
In summary
Ensuring your employees are happy and feel valued doesn’t have to be complicated. Taking the time to compare your organisation’s current offering against industry standards and competitors will enable you to get a better understanding of where you sit within the landscape. Making sure targets are aligned with your objectives whilst taking on employee feedback and providing regular communications will nurture higher levels of engagement and satisfaction, resulting in an increased performance for your business.
Looking for inspiration?
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This article is provided by Simplyhealth.
Supplied by REBA Associate Member, Simplyhealth
Our health plans make it easy for people to maintain their health&wellbeing.
