Benefit and compensation: do's and don'ts

Employees are not only weighing their salary but also many other benefits when job-searching. A rewarding benefit regime will help your staff secure a work-life balance and foster their motivation.
Let's dive into it!

Update the most rewarding compensation and benefit trends - Photo: Internet.
The more transparent the benefits, the better
Salary and bonus are always the top priority to job-seekers. Inflation in 2023 has caused many people to quit their jobs. Therefore, businesses ought to restructure their salary and bonus policy to retain talent.
In addition, compensation and benefits packages should be made transparent to gain the trust of employees. Salary scales for employees are required to be detailed and accurate, with payslips attached.
Specifically, during interviews, if the employer does not disclose the compensation rate, candidates have the right to refuse to accept the offer.
Flexible working location and hours
Businesses need to create a flexible environment in terms of:
  • Adjusting working hours: Instead of working throughout the week, working hours can be broken down into a few specific days.
  • Working online (remote) and offline (in-office).

Providing flexible working locations and hours for employees - Photo: Internet.
Encouraging work-life balance
Working under pressure for too long can easily drain your employees to extreme exhaustion. By that time, quitting is the only way out. Since standard medical healthcare services are no longer doing the job, businesses need to add more benefits to the package such as general health check-ups, vision, life insurance, etc.
Ensuring work-life balance
Businesses need to adjust their workload to give employees time for their personal lives. This will make them feel happier and more productive than others. You can:
  • Implement macro managing.
  • Assign reasonable break times and leaves.
  • Organize charity events as bondings.
  • Implement policies that support employees through a crisis.
Building skills training programs
Provide professional development opportunities to support their work, increasing productivity and overall income for employees.
We hope the above article could guide you through the current benefit trends and improve your employee retention rates. If you need any advice on recruiting personnel, please contact HR2B for immediate support!

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