Offering employee benefits which are desired, communicated and understood by staff can be an effective means of enhancing the ‘value proposition’ of the remuneration package. The benefits package can be tailored to enable employees to choose the benefits that are most important to them and their circumstances.
For many employers, the benefit offering can reduce employer tax liabilities, so having a comprehensive benefit offering can enable an employer to offer more to its staff and spend less. Having a focussed reward strategy is key to attracting and retaining key talent. For support with recruitment see our talent acquisition service.
Salary benchmarking
HR First conducts remuneration benchmarking for clients. Benchmarking compares the pay and other reward strategies of a range of employers in the market for similar staff. From that the employer may wish to develop its reward strategy and we can provide support employers with that too.
Once the competitive reward landscape is understood and defined, many clients decide to review the reward strategy, tailored to the client’s business, budget and its workforce profile. If required working with our partners we can also implement a suite of benefits to support the value proposition to attract and retain talent.
Our effective reward strategies:
- Balance the vying interests to provide reward mechanisms which attract and retain talent while optimising profitability and competitive advantage.
- Maximise the value proposition for employees and in so doing support the organisation to attract and retain talent.
- Align and reinforce the ’employer brand’ as an employer of choice.
- Provide the option to empower employees to manage and control their benefit choices within predefined parameters.
- Are tailored to the workforce profile; maximising engagement and motivation.
- Assure compliance with statutory duties.
- Leverage maximum benefit for least cost.
- Minimise administration.
- Offer flexible benefit options.
Pensions
Of course some benefits such as pensions are a statutory duty for employers to provide for ‘eligible’ staff. However there are a plethora of pension offerings which meet the statutory criteria, but there can be significant differences in cost, value and ease of administration of different schemes.
Are you concerned that your business is not succeeding because you can’t attract and retain talented staff? Why not call us and ask about our remuneration and reward analysis service?