Making the Most of Your Compensation and Benefits

Your compensation and benefits package is one of the most important components of your workforce management strategy. Not only is it essential to attract top talent to your company, but it helps retain your employees and improve engagement as well. However, that’s only true if you make the most of the compensation and benefits you’re offering. Here are some steps you can take to ensure you’re creating and administering a compensation and benefits plan that will work for your company.

Create Your Compensation and Benefits Package

The first step is creating your pay and benefits offering. This requires a careful balance between your business’s budget constraints and creating an attractive option that will entice applicants to come work for your company. In addition to compensation, your benefits package can include many different components, including health insurance, a retirement plan, vacation time, and much more.

Communicating Your Benefits Offerings

Just as important as creating a great benefits package is making sure employees are aware of what’s available. This includes providing clear information on job postings and providing information on any plan changes or new selections available during open enrollment each year. If employees are not making use of the benefits available to them, it may be because they are unaware of everything that’s available. Helping employees make the most of their benefits will help increase engagement and morale throughout your company.

Revising Your Compensation and Benefits Plan

Are the benefits you’re offering today still going to be competitive in five years? Re-evaluating your pay and benefits offerings each year can help ensure you stay competitive. Similarly, it can help to ask employees directly about what types of benefits they’d like to see, and then following through based on their feedback. Offering the options that employees value most will help you attract and retain top talent.

Get Assistance from the Professionals

At JanusHR, we are a professional employer organization (PEO) offering small and medium-sized businesses the support they need for their HR management. We can help you get started with creating and administering a compensation and benefits plan that suits your business. Contact us today for more information and to get started.