how to build an attractive compensation package post-COVID-19.

how to build an attractive compensation package post-COVID-19.

Offering a strong compensation package has always been a center point of recruiting top talent to your organization. Compensation needs to be competitive and provide employees with benefits that match the needs of the time.

The second wave of the coronavirus is starting to make its impact across Canada.  Some organizations expect to be hit hard by the second wave. This has many thinking about ways to cut back on spending. One thing companies are pondering cutting back is employee compensation packages. However, these cuts can have a longer-term impact on your company. Now is not the time to cut corners. It could negatively impact employee morale, affect your employer brand, and make it more challenging for you to attract talent in the future.

Now is the time to adjust your benefits plan to accommodate the changing times. Build an attractive compensation package to make your company a destination and attract top industry talent.

interested in learning about detailed salary trends in 2021 and how to fairly compensate your employees post-pandemic? book a meeting with our team to get exclusive early access to our 2021 salary guide.

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tips to build an attractive compensation package

Use these tips to offer a benefits and compensation package that is in alignment with what employees are coming to expect from organizations:

  • stay competitive with salaries

Now is not the time to start cutting salaries. Salaries across the board have not changed much during the pandemic. It’s important to continue to offer competitive salaries to keep your employees happy and to attract other talent when you are ready to hire.

  • flexible work environment

As we have all seen, work conditions can change very quickly, and this is likely to continue. Provide your employees with the flexibility to adjust their work schedule as things change. Allow them to work from home, offer flex hours and be more accommodating. Striking a good work-life balance has never been more important.

  • additional sick days

Whether there are COVID-19 concerns, an employee has a sick child, or they are dealing with a health issue, having an additional sick day or personal day can make a big difference. Consider offering your employees additional time off if they need it.

  • childcare

Offering childcare as part of your compensation package has become a highly desirable benefit for working parents. A top reason many people are still not working or struggling to balance work and home life is due to childcare. Offering a childcare service or compensation to cover childcare costs can greatly help working parents.

  • offer health and dental benefits

Health benefits will always be a desirable perk. They are an even more valuable perk today. These plans can provide employees and their families with the feeling of stability. Knowing you have access to health benefits when you need them and reducing your out of pocket health costs can help employees financially.

  • provide mental health resources

The importance of mental health has been an increasing focus for a number of years now. But the pandemic has really shown just how important it is for people to have access to mental health resources. The threat of falling ill and all the repercussions related to COVID-19 has caused stress, anxiety, depression, and many other mental health issues. Providing your employees with access to get assistance with these issues can help keep your employees happy, healthy, and productive.

Speak with your employees about what they would like to see included in their compensation package. For example, if many of your employees now work from home, perhaps a technology spending account or credit for home office purchases makes sense.

Employees and job candidates will be looking for attractive compensation packages post-COVID-19. Offering good compensation packages shows you care and are willing to invest in your employees. Choose perks that are in alignment with your employees’ needs and the changing times.

interested in learning more about salary trends in 2021 and how to fairly compensate your employees? book a meeting with our team to get exclusive early access to our 2021 salary guide.

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