The Secret to Attracting Top Talent: Providing Desirable Compensation & Rewards

employee compensation and benefits

Is your business struggling with retaining employees and attracting top talent to fill those roles? It might be time to pop the hood on your company’s compensation and rewards packages.

Working with Pivot HR Services is an investment in the future of your business. Our exceptional team of human resources professionals have years of hands-on experience working with businesses like yours.

Our Approach

When a client is looking to adapt their compensation and rewards package to suit the market, the Pivot HR consultant’s first step is a deep dive into the background data of your company.

The benefit of having a third-party HR consultant conduct this background research is the return of unbiased results. We collect the internal data of past, present and future employees, the average wage per position, and how that compares to updated market data.

Conducting thorough research is critical to receiving authentic results. We break down our internal findings by position cross-referenced with real market data to determine where the client falls on the pay scale. For the “x” position, the market data tells us that they should be paid “y.”

Referencing their findings, the Pivot HR consultant will identify how the client compares to other businesses. What will it cost to get your business back on track? If money is tight, how will you provide additional value? After taking serious consideration into these and other factors, the HR consultant will develop a plan to bring the client back up to market standard.

Motivation vs Hygiene Factors

American psychologist Frederick Herzberg developed the Motivation-Hygiene theory, a two-factor theory regarding the level of motivation and satisfaction of employees in the workplace.

Hygiene factors are tangible benefits like salary and base wage, company policies and rules, working conditions, quality of leadership, and corporate culture.

Motivation factors are meant to bolster hygiene factors, like achievement, recognition, growth opportunities, and the work itself.

Simply put, hygiene factors determine job satisfaction, and motivator factors influence employee satisfaction. Proper hygiene is the baseline of a happy work environment; motivation factors, like pizza parties or barbeques, are the cherry on top.

Motivation is complementary to hygiene, but motivation factors alone are not enough to earn employee loyalty. Visit our two-part blog series to learn more about maintaining hygiene and motivation factors.

Supplemental Motivation

For small businesses with minimal resources and tight budgets, paying employees at the top of the salary range is not always possible. Taking Herzberg’s theory into consideration, there are multiple layers to creating added value for employees.

Most people are willing to take a pay cut to work for an empathetic company or to do meaningful work. As listed above, the work itself is a motivation factor.

If the pay is just okay, but the work is meaningful, leadership is empathetic, there is opportunity for growth, and the employee is passionate about the work? They are significantly more likely to stick around for longer. Especially in 2023, people are looking for careers that mean something to them and provide value to their lives, not just the company.

There is something to be said about passion– and that’s the person you want to stick around. Pivot HR’s consultants will walk you through how to find the right balance between maintaining employee satisfaction and protecting the budget’s bottom line.

Contact Us

If your business is struggling with retaining and attracting employees, we highly recommend contacting Pivot HR to learn more about how our services can help.

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