Tip for the TopWhat’s in it for me?This is often the question posed by employers and employees alike when talking about benefits and compensation. This particular area of a business represents a large part of the costs, making it therefore, a particularly emotive area for employers and their most valuable assets – ‘the employees’.
I believe that getting the ‘package’ right for the business and the employee is an art and a science. It is important to get the balance right – structuring the remuneration package so that it attracts and retains the best yet doesn’t financially damage the business. It requires care, attention, expertise and regular reviews to get best value for both parties.
Employees don’t always appreciate the value of the benefits package they are offered. To redress this employers need to;
The employer who doesn’t have a large coffer full of cash may need to be creative in the package provided. Employers may need to identify other benefits where the cost is low but it is still valuable to the employees. For example, a brought in lunch every Friday, a tea-time treat, a day off on your birthday (paid!) or a day out at the races. I have come across small businesses where the salary may be lower than the market average, but employees stay because they ‘enjoy’ working there and feel valued and ‘that’s what is in it for them’! For the employer, having employees who feel valued is good for business.
About Tip for the TopTip for the Top is published in "Suffolk Business Magazine" where Lina Hogg is a regular contributor.
|
