A high wage may entice an employee into a role, but will a benefits package keep them there?
Salary and benefits; the starting foundation of any employment contract. A high wage may entice an employee into a role, but will a benefits package keep them there?
We spoke to Linda Speedy, chief talent officer at KPMG in Canada and speaker at our upcoming exclusive webinar, who talked us through how employers should be balancing perks and compensation.
“If employers don’t hit the mark with compensation, then they’re not even in the conversation in regards to talent attraction,” she told HRD Canada. “However, more base compensation doesn’t necessarily differentiate an employer if they don’t have other additions making their package more attractive.
“In general, I think compensation is more important in terms of a base-line salary, but then employers have to have other offerings in order to attract the best talent; and perks fall under this remit.”
It’s no longer enough to offer a one-size-fits all benefits program and expect your employees to lap it up. HR caters to the needs of the individual, so it can better help the collective – and as such perks should be aligned to a company’s core beliefs.
“If wellbeing and meaning are important to your corporate culture, then you need to ensure that your benefits support these values,” continued Speedy. “These could be benefits which help support employees’ physical, mental and emotional wellbeing; or even helping staff pursue their passions in the community. Your perks, to some degree, should reflect the things you value as an organization.
“Employers need to ensure their benefits plans have as much flexibility as possible, because employees will trade perks and dollars for flexibility.”
So, how well does your benefits plan measure up to the current talent market? Don’t fall behind the curve; sign up to our upcoming HRD Canada webinar with Linda Speedy - Beyond the paycheque: How to create a successful benefits program.