Employee compensation package

The Secret to Creating a Great Employee Compensation Package

For many managers, the term ‘compensation package’ immediately makes you think squarely of salary. However you’ll find that in 2015, most top employees want to consider the entire package, not just the money.

So what does a total employment compensation package contain?

  • Healthcare, such as dental and vision
  • Insurance, such as workers’ compensation
  • Healthy additions, such as gym memberships, group fitness classes and similar
  • Training and education, such as conferences and short courses, and;
  • Superannuation, known as 401(k) in the USA.

Our friends over at Namely have done the hard work for us, by collating all the research on employee compensation packages and creating one visually appealing and digestible infographic. See below for a fascinating insight into what employees want in compensation.

 

HR Benefits infographic

As you can see from the above graphic, to be competitive in employee benefits, you need to really consider the total compensation package. It’s what your potential employees are looking for:

  • 47 percent of employees say their company’s healthcare program is one of the reasons they stay with the company.
  • 72 percent of employees want 401(k) matching.
  • 27 percent of employees feel that paid training and tuition reimbursement are very important to their overall job satisfaction.
  • 57 percent of employees say they’d be willing to accept a job with lower compensation but a better benefits package.

For a total compensation package that’s packed, wrapped, and ready for the best talent, be sure to offer the benefits employees want most. A complete HR solution like Namely makes offering the right benefits easy by combining expert brokers, technology, and the plans your employees actually want. It’s benefits made easy.

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