Employers are facing a lot of question marks in this economic climate. It’s hard not to notice the effects of rising inflation and a subdued outlook. And your employees may be getting worried their compensation may be affected. But this is actually a great opportunity for smart employers: the perfect time to communicate the areas in which your company benefits shine, both financial and otherwise. While this may not be the year for major salary boosts or extraordinary bonuses, it may be a prime opportunity for you to highlight some of your less-visible perks.
And the best news? They won’t cost you a thing!
Show the Full Monetary Value of Total Rewards
The economy is a question mark.
Employees are fully embracing the adage “Work to live, not live to work.”
So what can you do when economic times are tough, and employees expect more and more from their job to support their emotional and mental health? Showcase a broader breakdown of total rewards – both financial and no-cost-to-you – to bridge the gap and help everyone find the happy medium.
These macro changes actually give you an opportunity to remind workers that their big-picture compensation package is more than they might think and includes a ton of bells and whistles. According to a recent study released by the Bureau of Labor & Statistics (March 2023), most employers already pay an average of 30% to their workforce in non-salary benefits. This could include opportunities you already offer, like:
- Employer-matched 401(k) contributions
- Stock options
- Paid time off
- Company holidays
- Health, vision, dental and mental health insurance coverage
- Financial support for adoption
- Smoking cessation programs
- L&D opportunities
- Cell phone or Internet stipends
- Company outings
- Team-building experiences
- Company-paid work tools (like software, employee function-specific memberships)
It’s time to make sure those perks are brought to the forefront during annual reviews and employee-led compensation discussions. Brainstorm ways to do this visually (or invest in simple technology that does it for you). Take that data off your screen and show – don’t tell – your employees how much you value them.
Think Bigger – Some Perks Are Absolutely Free to You
Remember that you probably offer a sweeter deal than you (and they) realize. Make sure you take this opportunity to highlight the unique ways that make your company a great place to work. Collaborate across departments to fact-find and talk to managers about cool things they do on their team that might have been overlooked. Ask about things like:
- Do managers have open-door policies?
- Make time to connect with colleagues?
- Encourage personalized office spaces and collab spots?
Other “invisible perks” you can offer might include:
- Clear career paths
- Mentoring opportunities
- Flexible work arrangements
- On-site team-building experiences that don’t cost a thing
- “Safe-space” brainstorms
- Regularly scheduled management check-ins
- Employee surveys
- Recognition opportunities
- Modern company values and mission statements that emphasize the changing times and employee-friendly values
Show You’re Listening
The real beauty of adding a tech component to total compensation statements is the data and insights it reveals. The true value is that you’re able to show that you care about your employees’ needs and are willing to make actionable changes to address them because you actually know what they are.
With comprehensive dashboards in place, you have the ability to use analytics that zero in on employee concerns. Are they looking at their financial perks or are they more interested in the core values your company holds dear? What you find might help uncover that someone could be looking elsewhere. With that kind of knowledge, you have the power to address potential concerns before you get a resignation letter.
Take These Easy and FREE Steps to Ensure Employee Satisfaction and Retention
- Highlight total rewards in compensation breakdowns.
- Include financial perks you already offer (retirement, benefits, PTO).
- Use visuals to show – not tell – the full compensation picture.
- Keep your budget on track with no-cost-to-you perks employees may not have factored into their outlook.
- Your company is a great place to work! Small reminders help reinforce that.
- Include non-financial rewards: flexibility, clear career paths, managers who care.
- Clearly communicate that your employees absolutely matter.
- Regularly check in on employees to gauge their well-being.
- Be open to suggestions on how to make their work life more enjoyable.
If you’re thinking about adopting the next great idea in employee satisfaction – or just need help better communicating your current financial and no-cost benefits – let’s talk. TotalRewards Software connects you and your team in ways that highlight their value, reinforce your mission, and, in many ways, won’t cost you a thing.