Align Your Organization’s Benefits Programs to Retain Top-Talent

Employees may feel as though they have missed some opportunities if they haven’t been treated appropriately during the recent economic recession. As signs of an economic recovery pop up like spring daffodils, employees may show signs of spring fever. How can you keep them on-board and satisfied? A recent article from Kellye Whitney, managing editor of Talent Management magazine, offers some pointers on how to keep your top-performers in it to win it.

According to a December 2010 Right Management survey of 1,400 U.S. workers, 84 percent of employees intend to find new positions in 2011. That’s up 60 percent from last year! Not to mention that according to a Hay Group survey released in January, pay is only expected to increase 2.8 percent this year as compared to the  3.5-5 percent increases from the past decade.

One possible restitution for talent managers to utilize is to take a broader approach to compensation and benefits. Try to build and integrated strategy that focuses on total rewards – use wellness programs as tools of engagement, and use the components of your organization’s compensation and benefits programs to motivate your employees.

This sounds easy enough … so what’s the issue? According to 60 percent of senior talent executives surveyed by Talent Management magazine and HCM Advisory Group, compensation and benefits processes are aligned with business strategy – meaning 40 percent haven’t made the connection.

Further, only 11 percent reported that the design and planning of their compensation and benefits efforts is seamlessly integrated with other talent management functions. That red flag raises the question: Why are so few organizations integrating compensation and benefits with talent strategy? What’s standing in the way of alignment?

There many different programs available to talent managers to keep their employees satisfied with compensation and benefits programs. Examples include rewards and work-life balance programs. These programs are crucial for organizational retention of top-talent. Which rewards and benefits systems work for your organization?

Talent managers have an opportunity to make positive changes with their budget for compensation and benefits. The best way to make sure that your systems are effectively retaining your employees is in aligning and integrating these benefits programs. Proper integration will ensure that your workforce is engaged and performing at their best. To read the full article, click here.

Post a comment