I know – doesn’t sound hugely sexy does it?
But believe me, the effects of a good pay and benefits scheme are very sexy – in other words, you attract high-quality people who want to work in your business and just as importantly, they want to stay.
OK – so, I’ve made pay and benefits sound pretty simple, and I know it’s anything but.
Developing a strong and effective pay and benefits scheme for all of your team can seem like a very daunting task.
So, what do you really need to consider?
- Understand what your competitors are doing – don’t get het up about this, but it is good to know what other companies in your sector offer, and likewise other local employers – you don’t want to have a reputation for being poor payers
- Feedback from your team – what are your line managers telling you? Are your exit interviews revealing your benefits package isn’t up to scratch?
- Analysis of your recruitment and retention – just how easy are you finding it right now to both attract and retain good people? If you’re struggling this could indicate you need to think about a better offer
- What do the companies you really admire offer? This could be an aspirational list for the future, and it doesn’t matter if this is a big corporate – you may still be able to glean some good ideas to adopt or adapt for your business
- Budget constraints – whilst not all aspects of your pay and benefits scheme have to be financially related, the chances are most of it will be. So set yourself a budget, to make sure you use your money wisely and get best value.
- Timescales – some deadlines, like annual pay reviews, may be difficult to change, but don’t put yourself under unnecessary pressure to create a whole new compensation package in a few weeks. Meet the deadlines you need to, and set realistic timescales for the rest
Don’t underestimate this – it can be a very complex project, and whilst you will be in control of the above, it doesn’t mean you shouldn’t get help from experts.
If you would like help with developing an effective pay and benefits scheme for your company, please contact us on 01256 328 428 or click the button below: