Who doesn’t love perks like extra vacation days, access to pet insurance and summer Fridays? These types of benefits can be helpful with recruiting initiatives, while also providing short-term happiness and motivation to your workforce. However, in the grand scheme of your overall compensation and employee engagement programs, such perks should not be your core focus. Instead, it’s critical to direct the majority of your attention to supporting what your employees really want (and need) to thrive. From our experience, we know that what matters most to your people are two things: being paid fairly for their work and feeling valued. Below, I explain more about these concepts and steps you can take to weave these critical priorities into the fabric of your organization.
Focus on building a proper compensation strategy
Develop initiatives that showcase the contributions of your people
Besides earning a fair wage, your people want their work to feel meaningful and critical to the success of the organization. With that in mind, the next priority should shift to finding ways to highlight the role every employee plays in achieving your company’s goals. This is especially important in a remote work environment where face-to-face interactions happen less often, and employees can struggle with feeling isolated and disconnected. This could be as simple as coaching your leaders to be more intentional in systematically highlighting their teams’ achievements. A more formal path could be developing a company-wide employee recognition program that highlights specific individuals and milestones they achieve — both large and small. These ideas take on even more power when they are reinforced by your C-suite and top leadership in their remarks at forums like town halls, and throughout their messaging and actions.
How we can help
Hiring and retaining a high-performing workforce all comes down to the culture you want to build, not the promise of free swag. People join and stay in positions because they are treated well, valued and paid fairly for the work they do. They feel like they belong. If you’re struggling with recruiting and retention, it’s most likely a bigger issue related to your culture. Additionally, it’s important to identify these root causes before the problems intensify.
Our experienced team can assess your current culture and, based on the findings, develop a customized plan to achieve your goals. Further, we can work with you on building and implementing a comprehensive compensation strategy that will help set you up for future success. Visit our interactive guide to discover additional ways you can leverage outsourced and managed services from BPM to help your organization realize its future vision.
