By: Richard Healy, Senior Executive
The unemployment rate hit a low of 3.8% in 2018, the lowest it has been since early 2000!
Now, there is no denying that is great news, but it also has had an unexpected impact on employers. The power within the job market is now more in the hands of the employees than in the hands of employers. You may have already felt the impact on your business. Employees and candidates are expecting more when it comes to their needs.
As more is expected of employers, many employers are thinking they need to offer
more in compensation, whether it be in pay or benefits. There might be a different
answer that needs to be considered. Do employees and candidates realize
everything they receive as an employee? It is much more than just a paycheck!
When we talk benefits, most people automatically focus on the mainstream
ones such as medical, dental, vacation/ paid time off, etc. But what about free
parking? Our corporate office is in the suburbs of town and we have a large
parking lot for our home office employees. What if someone left to go to work for a
firm downtown? Do you think they might have to pay for parking? And if so, how
much will that eat into that “increase” in pay?
With that in mind, analyzing your total compensation package and effectively communicating that to current and prospective employees might just help
you retain and attract more and better employees.
Additionally, don’t assume you know what employees want. Chances are there is a
baby-boomer in your company making the decision on what millennials and Gen
Z's want. But how does an organization determine what will be competitive and
valued by employees? There are several local and national publications that do
surveys to compile “the best companies to work for.”
That’s a good place to start. Another good idea is to ask employees. Do an employee survey asking employees what they value. Don’t tell me what I want, let me tell you what I want. Employees will only view things as a benefit that they think are beneficial to them and useful in their lives.
The Human Resource professionals at Donnelly-Boland can help you analyze and quantify your benefits, help develop and implement communications methods to advertise and promote those benefits to your employee, conduct employee surveys to better understand what employees want and are thinking, and help develop collateral pieces to be given
to prospective employees summarizing all the benefits offered in your total
compensation package. Overwhelmed with how your benefits hold up? Contact the professionals at Donnelly-Boland today. For these or any other HR needs, Donnelly-Boland professionals are ready to help provide the necessary amount and level of support for your business so you can concentrate on running your business. Contact us today and let’s get started on helping you develop a more engaged workforce that understands all the benefits of working for your company or organization.