Are you giving your employees what they're worth?
Why employee compensation plans are more important than ever.
The talent war is real.
It’s also nothing new. Business owners have lost sleep for decades over talent—recruiting the right employees, (finally) firing the wrong ones, and devoting most waking hours to developing, engaging, and inspiring the ones they (desperately) need to keep.
Many feel the talent pool has gone the way of the housing shortage—it’s hard to find a great fit that has everything you need, and when you do, you can expect to pay through the nose to get it.
And it’s hard to disagree when pizza companies are offering $500 signing bonuses to their delivery drivers.
As employees and companies re-evaluate what (and where) the future of work is, business owners have to re-evaluate what makes for a competitive—and sustainable—compensation package.
And if the return-to-work battle is any indication, it’s not always about the amount on their paycheck or providing the benefits they expect.
It’s about listening for what they want.
Don’t assume everyone is looking at the dollar sign—top talent has been paid well to drive themselves into the ground for years, and they’ve recently seen the light. If you don’t know what benefits or incentives they are looking for, ASK. Don’t be surprised if they come back with flexible work hours and more paid days off.
It’s about helping your teams see themselves as a critical and valued part of your story.
Never underestimate the value of a well-articulated hiring journey. It all starts with a strong company purpose and a big juicy WHY (learn more about those here). You offer more than just a paycheck—prove it. Show each contributor you are just as serious about investing in them as you hope they are in you.
It’s about saying thank you.
Appreciation and recognition can be the difference between an employee who gives their best and one who gives their notice. When was the last time you personally thanked each member of your team for the work they’ve been doing?
It’s also about doing something about it.
Because if you don’t recognize and compensate your employees well, there’s a good chance your competitors will.
Training is another great compensation that often gets overlooked. Check out our Courses of Action tools and membership for an accelerated DIY approach to wildly efficient and proficient productivity—and breathtaking results in business, life, and self. (Pssst. Check out the A-Player Hiring Toolkit first if teams and culture are at the top of your list)