As business evolves and progresses, it seems the traditional, department-wide, or company-wide compensation packages are outdated. Now, companies are exploring the benefits of unique compensation packages tailored to each employee.
Of course, this comes with its own set of difficulties, but here’s how it’s done:
WANT BETTER RETENTION? ASK THE EMPLOYEE HOW THEY WANT TO BE RETAINED
Compensation is a staple of the interview process, at least for the employee. Everyone wants to know that their company appreciates them before they even accept the offer and begin working.
It’s how you bring up the package that can change the narrative and attract more employees that want the job for the job.
Start by asking the person how they want to be retained. Give them the floor to tell you what they expect from their compensation package.
Beginning with a question forces the projected employee to switch gears a bit. Now, you two are having a genuine conversation, one where you strategically develop a compensation package tailored to their wants and needs as well as the company.
In turn, you get to know your employee a little more, and you’ve also created a package they are likely to remember and appreciate.
TJ's advice on the challenges and market changes relevant to SME construction companies searching for talent on the West Coast.