subject: Employee Benefits Vital To Attract And Retain The Best Talent [print this page] Looking beyond the obvious certainly pays off in future. There is much more that contributes to the success of your organisation than just matching the job titles and salaries. You need to dig deep beneath the surface for assessing the real worth of a specific position or designation as this helps you gain a clear understanding of your employee benefit programmes and their effects on your employees. Most employees underestimate the value of their benefits as they are unaware of its usefulness and take it like just another bonus or routine benefit. Not only employees but many employers also lack a clear understanding of how the value of their reward services and benefit programmes can compel their employees to perform their best all the time. They are not able to put forward the objectives and benefits of their reward programmes correctly in front of their employees which ultimately results in poor performance and high attrition rate.
In order to make your employees appreciate your benefit and reward programs and the value of their benefits, it is very important to audit the existing employee benefits and remuneration packages and benchmark them against comparable organisations across the world. Allocating benefits according to what employees value the most and want to receive when they achieve a certain benchmark is another way to make them appreciate your reward programs. It not only compels them to perform their best but also helps you retain more experienced talent in your organisation.
As organisations need to attract the best talent pool from the industry, continuous scrutiny of executive pay to establish fair and transparent systems is vital. Based on the compensation and designation of individuals, an organisation must make every possible effort establish fair market benchmarks to attract and retain talent as well as make them focus and motivate to achieve organisational goals. For example, if you are operating in India, you must be able to benchmark your employee reward programmes against comparable organisations across the country. Your benefits package must be at par or higher if possible as compared to what they are offering as employee benefits in India. The benefits typically include retirement plans, health life insurance plans, disability insurance, accidental benefits, employee stock ownership plans, maternity leave, holiday pay, profit sharing and other bonuses.
