Retain Your Best Employees with Good Benefits

employee retention and benefits

What is the importance of compensation and benefits, really? Can a company be profitable and still pay its employees above market value? I have a compensation plan; why do I need to reevaluate it? These questions, and many more, are common questions wondered by employers.

Pivot HR has walked through many compensation plans and benefits packages with employers who are experiencing employee frustration due to wages and benefits. Where there is a human resources problem, Pivot HR has the services and experience to help you maneuver your business to have better favour in the eyes of your employees. Want to learn how to secure your best employees? Find out how below.

When you are starting to question the importance of compensation and benefits for your employees, ask yourself the following questions. The answers to these questions will tell you a lot about your company’s current market position.

When was the last time your company’s benefits and compensation plan was reviewed?

If you haven’t reviewed your compensation plan and benefits package for over a year, reevaluating both should be high on your priority list. This is not to say it must change, but if the market has fluctuated and you are experiencing a high turnover of your best employees, your compensation might be to blame.

Each department may allow for different time periods between evaluations, which can make things complicated for you. Outsourcing your compensation plan and benefits package evaluation frees up time for you and helps you care properly for your employees.

How has the economic situation changed since the compensation plan and benefits package were created? Do you account for inflation?

Should you find that your compensation package is competitive in today’s market, that might be an indicator that you are providing adequate pay. If the economy has fluctuated, especially with inflation, are your employees still satisfied with their pay? If you do not currently have personal wellness days available to your employees, your compensation plan might need help from professional HR consultants like Pivot HR.

What industry are we evaluating this for?

Depending on industry compensation trends, businesses should have compensation reviewed annually, and the review should be detailed as well as purposeful. Different industries may do well with an employee engagement survey asking them about their perspective on the importance of compensation and benefits, and if they feel their needs are met.

Who is our company benefits provider? Are we still getting competitive benefits?

Lastly, if your benefits provider has not changed in years, there might be better, more competitive benefits packages on the market that will increase employee retention. Look into competitive benefits packages, and perhaps engage employees in a talk about their satisfaction with their current benefits package.

The importance of compensation and benefits is not to be understated. Updating your benefits package and compensation plan does not mean going broke. With Pivot HR, we can find a balance that will encourage employee satisfaction and economic growth for the business. If your business has not reevaluated employee compensation and benefits recently, contact Pivot HR to discuss our compensation and rewards services.

What Our Clients say about us

“Robin and Mia were both exceptionally professional and responsive and understood our needs. Their work was of great quality. We are a small non-profit organization and we found them very easy and wonderful to work with. Great value and highly recommend.”

~ Joy Masuhara , Co-Chair Women Transforming Cities International Society

“Cindy is a remarkable professional coach, who goes well beyond expectations in supporting her clients’ development. She knows how to ask the right questions and uncover the real and deep issues that contribute to the limitations we put on ourselves. This type of personal exploration is tough work to do alone and remain committed to necessary change. Cindy’s approach and support made this process one of the most impactful experiences of my life, professionally and personally.”

~ Monique Cotton, Firm Administrator, JFK Law Corporation

“As a medium size business with over 100 employees working in very different areas of our operation, Pivot was able to quickly understand our HR needs and offer practical solutions. Robin and the Pivot team worked closely with our Leadership group to implement effective turnkey solutions on time and on budget. We will continue to use Pivot for our ongoing HR needs and would highly recommend their services.”

~ Adam Zubek, General Manager, Point Grey Golf & Country Club

Pivot HR Services provides personalized solutions for our organization’s human resources needs. By engaging their services, we have been able to successfully outsource our HR function, as the Pivot team has demonstrated their ability to understand the HR priorities of our workplace culture and industry.

~ Areef Abraham, Chief Executive Officer Community Power

“Robin developed our employee policy manual with the goal of engaging and retaining our current staff as well as attracting new ones in this highly competitive marketplace. Her in depth knowledge of current legislation and HR policies proved to be of significant benefit. I would highly recommend Robin and the team at Pivot HR Services.”

~ Christopher Soles, President, Nextgen Technologies Ltd.

“Robin has been and continues to be an outstanding resource for our organization to navigate HR issues as we grow. She always approaches problems with professionalism and a keen eye for our best interest. I’d certainly recommend Robin to anyone looking to elevate their HR processes.”

~ Karim Abraham, CEO, Kambo Energy Solutions

“Our firm turned to Robin for advice and guidance at a time when we faced a period of serious difficulty in managing our human resources. She assisted us through the process of putting our relationship with our staff on a stronger, more stable footing and helped us implement a complete overhaul of our human resources policies. We could not be more pleased with the work she has done and continues to do with us.”

~ Robert Janes, QC, Managing Principal JFK Law Corporation

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