Benefits are mostly a hygiene factor. No one thinks about benefits until they need to. But when a person needs medical insurance or reimbursement, or as one approaches retirement, the benefits mean the world. At the least, you need to offer compensation, benefits and time off that candidates and employees feel is competitive compared to other companies seeking to attract or retain the same talent.
Beyond competitive pay and benefits, you can boost your ability to attract and retain the right talent, but matching the right compensation and benefits differentiators and intangible rewards to the needs and preferences of your current and future workforce.
Work-life is center stage during the COVID-19 Pandemic, and I suspect thereafter for a long time. We are human beings, not human DO-ings. Well-being is rising to merge with flex policies to both attract/retain talent and care for people who work at home extensively, and deal with isolation and anxiety. Benefits, wellness and flexi-work have converged.
We can assist in designing, implementing and managing a wide array of reward practices beyond basic compensation, including:
- defining benefits philosophy and strategy
- delivering maximum benefits at least cost
- smart (tax effective) use of allowances
- implement employee health cost sharing
- targeted wellness and preventive strategies
- choice through flexible benefits
- retirement benefits for foreigners and senior management
- smart time-off benefits and policies
- flexible work arrangements, including remote work strategy and allowances
- cash or non-cash recognition for individuals and teams
- supporting growth and career development as a reward
My approach is to first understand your business and talent requirements, demographic profiles of current and future talent, as well as your budget with respect to the cost of potential rewards programmes. I can obtain (at your cost) market prevalence data to conduct benchmarking for you, and recommend the best investments in rewards programmes, considering your talent requirements and your budget constraints. I will engage the stakeholders you identify, such as finance or business unit leaders as well as HR. All program designs include a detailed report with recommendations, supporting information and proposed design details. I will also assist you with implementation and communication, to ensure your programmes are effective and impactful on attracting and retaining talent.