What You Need To Know
Wages are just one part of what employers may offer to recruit and keep workers. Workers may look for a variety of other benefits as part of the total compensation package such as one, or more, of the following:
- Paid parking
- Employee assistance plans (EAP)
- Health and dental benefits (or a Health Spending Account)
- Reimbursement for professional memberships
- Subsidized childcare/eldercare
- Educational subsidies
- Subsidized employee transportation
- Retirement savings plans contributions
- Cell phone coverage
- Flex-time or work-sharing
- Volunteer days
Many more options exist for the employer to choose from, including:
- Incentive Programs
- Profit sharing
- Spot bonus (for superior performance)
- Recognition programs
- Sign-on bonus
- Milestone bonus
- Referral bonus
- Holiday bonus
- Sales commission
Not all of these benefits need to be monetary and they are not mandatory.
Why You Need To Know
Employees who believe they are getting fair pay and benefits for their work will feel valued and may be easier to retain. Employees who are more satisfied with their overall compensation package may also stay longer with their company.
What You Need To Do
Compare all the options and determine what you can afford to maintain. Some are cost-shared between the employer and the employee.
Your employees may have some preferences too. Talk to them, and other employers, about the options for creative compensation strategies.