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.