Today’s workers have a different set of priorities from past generations. While the current crop of professionals still value traditional employee benefits like pay and vacation time, they also expect bonuses, perks, and other add-ons that elevate workplace culture.

With that in mind, let’s take a closer look at what makes an employee compensation package stand out to top talent. If you want to attract and retain the very best workers in your industry, you’ll need to take the following measures.

1.  Offer a Competitive Salary

No matter how many fun and creative employee benefits you offer, you’ll still face retention challenges unless you also provide competitive compensation.

To be clear, you don’t need to engage in salary bidding wars with your closest competitors. However, your team’s wages should at least be comparable to what other companies in your market are offering.

On that note, be transparent about pay from day one. The last thing you want to do is screen, interview, and evaluate a candidate, only to have them back out at the last minute due to salary concerns. You’ll also need to create clear policies regarding raises so employees know how their pay will change over time.

2. Prioritize Perks That Employees Value

Employee benefits, especially voluntary ones, should deliver value to your workforce. After you’ve addressed the basics like healthcare, shift your focus to optional offerings, such as wellness incentives.

Keep in mind that there aren’t any one-size-fits-all solutions here. Instead of guessing what employees want, why not ask them?

Survey your staff and find out what perks would make their life and work experience better. You might not be able to apply every suggestion, but you can implement the most sought-after and practical employee compensation offers.

3. Get Creative With Incentives and Gamify Productivity

Integrating incentives and bonuses into your employee benefits package is a great way to gamify productivity and encourage healthy competition among your workforce. For instance, you could offer commission-based bonuses to sales staff or award performance incentives to your most productive team members.

Try turning the performance-tracking process into a game-like experience. Publish stats weekly during each performance-assessment period, and encourage those in the running for bonuses to step up their game in the final weeks of the competition.

4. Offer Ample Time Off

Today’s workers care about work-life balance. The best way to honor these sentiments is to offer a healthy amount of time off. Don’t just allow employees to accrue vacation time, but also make it easy for them to use it.

Giving your team a chance to unplug and recharge can do wonders for talent retention. Time off can help offset feelings of burnout and fatigue, thereby reducing the risk of churn.

If practical for your organization, consider offering other forms of paid time off, including parental leave. Demonstrating that you care about your employees’ well-being and family obligations can boost morale and attract new talent to your organization.

5. Make Voluntary Benefits Part of Employee Compensation

Voluntary employee benefits are an opportunity to differentiate your company from other businesses in your industry. Some common voluntary perks to consider offering include:

  • Cell phone allowances
  • Company events
  • Commuter benefits
  • Pet-friendly options
  • Catered lunches
  • Tuition and continuing education support

By aligning your offerings with the desires and preferences of the workforce, you can maximize the impact of these perks while attracting and retaining top talent.

Need Help Transforming Your Compensation Strategy Into a Talent Magnet?

A well-designed employee compensation package can help you attract and hold onto leading professionals in your industry. However, redesigning an existing benefits strategy can be challenging. The good news is you don’t have to go it alone.

Benefits Advisory Group is a leading employee benefits broker that can help you rethink your approach to compensation and workplace perks. Our experts specialize in using benefits to position businesses as prime landing spots for top talent.