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:

Many more options exist for the employer to choose from, including:

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.