Wage pressure: what to do?

Attracting and retaining talent: these are all we have to say! How to compete and show imagination in the face of a phenomenon of scarcity? A very important, even essential, aspect to consider is the offer of an attractive overall remuneration which allows you to compete with the competition.

First of all, note that new benefits such as flexibility on working hours, unlimited vacation policies, contribution to skills development and health and wellness initiatives are directly in line with a philosophy where the conditions of work are personalized. Generations X and Y are even ready to see their salaries reduced in exchange for these kinds of personalized conditions. We therefore see the notion of overall remuneration taking on a broader meaning by including non-pecuniary benefits, but having great value in the eyes of workers. It’s a trend these days, but is it here to stay?

It is clear that you have to adjust to the trend and the needs of your employees. However, the world of social benefits is constantly evolving and, although the current trend is towards benefits focused on immediate happiness, we must not neglect or forget the importance of traditional, more substantial social benefits; pension or retirement savings plans.

In summary, your overall compensation should reflect the demographics of your internal resources. Young professionals with family responsibilities and professionals approaching retirement do not have the same needs. Ask yourself what would be more beneficial to them and present your social benefits as an integral part of the overall compensation. This way, your employees will understand the full value of a job within your company rather than assigning a monetary value linked only to salary.

Regardless of the composition of your overall compensation, don’t hesitate to be creative. This is the opportunity to create a unique corporate culture, to reward your employees for their efforts.

Author

Noellie Dias

Organizational development consultant

Specialized in human resources


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