We’ve had clients say to us, “The younger generation doesn’t understand the value of our benefits package and we’re losing them to slightly higher base salary offers. We know the competition’s total package is not as strong as ours!”
Most companies prefer not to tinker with their compensation strategy — unless they absolutely must. Salary structures are difficult to get right, which is why it's tempting to adopt an "if it ain't broke, don't fix it" approach. But your compensation strategy doesn't exist in a vacuum. External factors are constantly impacting employee expectations, whether you like it or not.
One of the most common pieces of hiring advice is this: "always make sure that your salary offer is close to the market average". That's great in theory, but in practice, you're left with one big question: what is the market average?
In a competitive labor market, employers must do everything they can to secure top talent. This means looking beyond salary and, instead, offering a holistic package that's tailored to each employee. This is the philosophy of Total Rewards.
Total Rewards | Employee Relations
As consultants, we at Helios HR are big advocates of performance management. Performance Management encompasses planning for:
Total Rewards | Business Management & Strategy | Best Practices | Employee Relations | Talent Acquisition
In the past, professionals used to seek out companies that could offer employment for the whole of their career—the so-called “job for life”. Those days are long gone, and the average American will now have 12 jobs in their lifetime.
