Misalignment Costs Money
March 07, 2013
Are your employee benefits and compensation programs viewed in a holistic manner as parts of an overall package? Are they appropriately competitive, understood, and valued by your employees? Are they cost sustainable and aligned with your business strategy and plan? Are they governed by an overarching philosophy? If not, this misaligned spending actually ends up costing you more by focusing on benefits or compensation plans that are not highly valued by employees. Properly deploying company benefit/compensation dollars toward more “valued” programs will provide significant support to your attraction and retention efforts.
So, what can you do? Examine your compensation programs and benefits offerings through the lenses of your various employee audiences: executive leadership, line and staff management, salaried workers and full-time and part-time hourly workers. Designing to each group’s definition of value and in keeping with your business needs will assure you are spending your finite dollars judiciously and allow you to answer “yes” to the questions above.
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