Overall Compensation & Pay Equity
June 21, 2019
When remuneration becomes creative: wow effect guaranteed!
Small business executives may feel restricted in the plausible total compensation options available to their employees. After all, every expense counts for a lot. The job market, however, forces us to differentiate ourselves: why would a qualified candidate choose your company rather than another if you offer the same conditions? This is room for creativity!
Recently, I had the chance to co-host discussion tables on talent attraction in a context of labor shortage. Naturally, the rich discussions focused not only on how to attract candidates, but also on the importance of employer branding and the attractiveness of companies to candidates.
Did you know that certain Quebec companies subsidize not only the training of their employees, but also their studies?childrenof their employees? What a brilliant idea for parents who have to set aside significant amounts of money to pay for their children’s education!
Another growing trend is subsidizing employee vacations. Are your employees exhausted, but not taking their allocated vacation time? Here’s an incentive! An employer contribution and employee contribution matching program is an effective way to create a vacation-specific savings account. This concept is inspired by the classic benefit of the retirement savings plan with a predetermined rate or percentage, dependent on the employee’s contribution. The Toronto companyVacation FundSince 2017, it has been assisting companies in setting up contribution matching programs via source deductions. This original idea is an advantage certainly appreciated by employees and by employers who benefit from having rested, and oh so loyal, employees when they return from vacation.
In order to target the real needs of employees, it is essential to know their desires. Know what would make the difference for them to take advantage of benefits programs. This way of doing things allows you to hit the nail on the head and therefore make your investment profitable.
Need help designing your compensation program? Iceberg Management consultants are available to assist you in setting up tailor-made programs.
Caroline Thomson; CPHR, CPCC, ACC
Professional Coach
Trainer
Advice Centre
Discover more inspiring content
Find out how our methodology has transformed companies from different sectors. Each article is proof of our expertise.
Recruitment & Employer Brand
International recruitment: what France taught me
International recruitment mission in France: 35 interviews conducted, 13 candidates selected. Qualified, educated and bilingual profiles.
Workplace Culture and Employee Retention
Social benefits in an SME: possible mission
Benefits are a priority for employees. New options such as individual insurance or virtual healthcare are available to SMEs.
Strategy & Organizational Performance
Gaining height: 3 HR management tools to favor
Resignations and loss of productivity are costly. Maximize your results with HR management tools. Control your costs and retain your employees.
Workplace Culture and Employee Retention
To disconnect from work that has become too accessible
Implementing a workplace wellness strategy is positive, but can lead to overconnection. The right to disconnect is important.
Workplace Culture and Employee Retention
The work climate: are you taking care of it?
Companies seek to offer an unparalleled work climate, but stress persists. To solve the problem, everyone must get involved.
Workplace Culture and Employee Retention
20 ideas for adopting health and wellness at work
Corporate wellness programs are popular. To be successful, management must be engaged and initiatives must be tailored to the culture of the organization.
Workplace Culture and Employee Retention
Why you need to adopt new HR trends: it’s not what you think
New HR trends: The human needs of employees must be prioritized, beyond marketing or well-established programs.
Recruitment & Employer Brand
For a strategic selection of new employees: questions to ask
Prioritize the strategic selection of new employees by evaluating their behavioral profile to ensure a good “fit” with your organization.
Workplace Culture and Employee Retention
The feeling of belonging: a guarantee of success for your “employee experience”!
The search for qualified talent is demanding. Cultivating a strong sense of belonging is essential to retaining and motivating your employees.
Recruitment & Employer Brand
Text interviews: is this the solution?
Due to labor shortages, text interviews are emerging as an innovative recruitment solution for certain industries.
Workplace Culture and Employee Retention
Seduce them from day one!
For successful integration, prepare a welcome kit, roll out the red carpet, take the time and follow up.
Performance Management & Discipline
Still performance management in 2019? Yes please!
Performance management is essential to maximize employee potential, motivate and recognize them. Transform this task into positive exchanges!