5 Ways to Keep Your Benefits & Compensation Package Adaptable

The current labor shortage is not the only problem for employers scrambling to recruit workers. A change in mindset after Covid-19 led to fundamental changes in the structure and fabric of the U.S. employment landscape, as millions left traditional jobs in search of workplace flexibility and improved working conditions. 

​Since April 2021, more than 19 million U.S. workers have quit their jobs to pursue more appealing career opportunities. This unprecedented wave of voluntary resignation has been coined the Great Resignation.

Organizations looking to attract and retain scarce talent must evolve to meet the needs of the modern workforce. Strategically upgrading your benefits and compensation package is key to acquiring the best talent and keeping them as lasting employees. 

In this article, we reveal five ways to keep your benefits and compensation package adaptable so you can future-proof your organization from inflation, recession, the Great Resignation, a pandemic, or the next big thing. That way, no matter what happens, you’ll always be in a strategic position to navigate the fallout. 

1. Don’t get caught up in the ‘Shiny Penny’ Mentality

The Shiny Penny phenomenon is a metaphor for those who get caught up in chasing new — and seemingly better — options than their current goals. Like a child distracted by a shiny object on the ground, it’s easy for all of us to become derailed by a new and flashy trend — even if it only has the value of a penny.

Employee perks making the headlines include enticing benefits like restaurant vouchers, pilates, sessions, or a fridge fully stocked with snacks. While these are undoubtedly attractive, are they really the benefits your employees want most? 

Benefits do not automatically lead to increased satisfaction and productivity, especially if they’re the wrong benefits for your staff. Survey your employees so you can build your benefits package based on their unique values. 

2. Look for stability

The modern workforce is evolving away from standard on-site jobs to remote and hybrid environments that give employees the flexibility to work from where they feel they’ll be the most productive. 

Six out of ten U.S. workers who have the option to work from home are doing so all or most of the time.

Accordingly, your benefits offerings must be accessible to all employees, whether they’re working at headquarters, at a satellite office, from home, or even across state lines. Work-from-anywhere policies offer employees a fantastic level of flexibility that is very appealing to job seekers, but employers need to realize that different benefits and salaries will have different values depending on employees’ geographic locations and specific situations. Strive for benefits that are fair, accessible to all, and valuable across the board as much as possible. 

3. Prioritize communication  

A vital part of any compensation package is ensuring your employees are fully informed and understand every element. Publish any market-related salary research you undertake to promote an ecosystem of transparency and fairness. When it comes to selecting benefits, provide employees with clear information about their options so they can make informed decisions.  

Some organizations are adopting stay interviews as a retention tool. These regular, informal, one-on-one chats focus on employees identified as enthusiastic “stayers” who are keen to remain with their company rather than look for new opportunities. Stay interviews help employers understand what their greatest selling points are so they can maximize their most valuable benefits and properly advertise what makes them stand out as a great place to work. 

Elevated engagement and productivity levels amongst enthusiastic stayers have been linked with higher earnings for their employers

4. Go beyond the norm with health and wealth

Gym memberships and on-site fitness classes are a great start to promoting health, but think outside of the box. Remote or hybrid workers in particular may value reimbursements for virtual classes, like yoga, smoking cessation, or diabetes prevention programs. 

Consultations with mental health professionals should also be a staple. In fact, 48% of employers have a significantly greater focus on prioritizing the mental well-being of their employees in recent years.

In addition, consider a financial wellness program that goes beyond discussing retirement contribution options to also include professional career advice and other important financial-related topics.

5. Balance benefits with compensation

Employees want the security of knowing they can grow financially in an organization. Regular raises that match inflation, reward employees based on job performance, and keep salaries competitive within the marketplace are essential to give employees the stability they want. 

Businesses need to ensure they find an investment balance that enables them to provide benefits upfront alongside salary packages that fairly compensate employees long-term. Accurately calculating the total value of your rewards package gives you the data you need to ensure that you can maintain the benefits while increasing salaries for your employees at regular intervals. 

Benefits for all with SyncHR’s Benefits Administration Software — a smart tool for efficient teams

Enrolling in company benefits and health care programs should be an exciting time for your employees. Too often it feels like a chore for them — and a huge headache for your HR team.

SyncHR’s Benefits Administration Software empowers employees to research, select, and enroll in their choice of benefits completely independently. With a zero-stress benefits administration software at your fingertips, your employees can confidently select the benefits that are right for them and your HR team is free to focus on higher-value work that benefits the entire organization. And with our intuitive enrollment wizard, your employee's can take advantage of decision support tools and guardrails to drive a successful enrollment experience.

We’re here to support you with efficient, accurate, and cost-effective workforce management solutions. To learn more about SyncHR, click here.

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