Beyond the Numbers: Benefits and Perks in HR-Managed Compensation Packages
In this article, eight industry leaders, including CEOs and Benefits Managers, share their unique strategies for enhancing salary negotiations through innovative compensation packages. From step-up salary increases to offering paid sabbatical leave, these insights provide a fresh perspective on employee compensation.
- Step-Up Salary Increases
- Free Medical Premiums and HSA Contributions
- Free Gym Access
- Personal-Development Events
- Company Vehicles and Gas Cards
- Flexible Working Hours
- Relocation Assistance
- Paid Sabbatical Leave
Step-Up Salary Increases
Step-up salary increases, based on predetermined parameters, tend to do well when the initial salary doesn’t meet the candidate’s expectation. A given date for review of predetermined goals, and successful completion resulting in an automatic raise in salary, gives the employee the assurance that they will arrive at their desired salary soon.
This serves as a great motivator. It also has the unique advantage to the employer of having an introductory period assessment period at a lesser salary.
Free Medical Premiums and HSA Contributions
We are in a highly competitive field for labor. One benefit we have available for all new hires is free medical premiums in the QHDHP with HSA Plan. We also contribute to an employee’s HSA Plan. These features have helped us win labor over our competitors in the labor market.
Free Gym Access
During one memorable negotiation, when the salary discussion reached an impasse, we changed the conversation by pointing out that we had free access to the gym within the start-up complex. The candidate’s eyes lit up when he heard about this unexpected benefit. After that, the negotiation took on a more collaborative tone. Ultimately, we could agree that the offering worked for both parties.
One unique benefit I’ve included in a compensation package for strategy negotiation has been to cover personal-development events for staff. These are not traditional personal-development events that a company may offer; these are personal-development events that delve deep into our own limiting beliefs and psyche.
The benefit of this is that, in the salary negotiation, I share with potential employees that these tools and events are going to help them make even more money and improve all areas of their lives. By adding this, I’m able to create a lot more value for the employee, instead of just offering more money.
Company Vehicles and Gas Cards
Offering company vehicles is always a beneficial approach. A company vehicle with a gas card is a win-win situation. The employee saves money and doesn’t put wear and tear on their own vehicle. On the other hand, all our vehicles are wrapped with company logos, serving as a rolling billboard.
Flexible Working Hours
In negotiating a salary package, one of the unique benefits or perks that I have successfully included in a compensation package is flexible working hours. This perk provides an opportunity for employees to create their own schedule and find a balance between work and personal commitments.
With this benefit, employees can choose when they want to start and end their day, as well as how many hours they want to work in a week. This can be particularly beneficial for those who need more time for family responsibilities or other activities outside of the office.
In addition, it also allows employees to make better use of their time and increase productivity by avoiding unnecessary commuting and being able to focus on tasks when they are working with maximum efficiency.
Providing relocation assistance can offer a significant benefit to employees who are moving for the job. Besides helping cover some costs associated with relocating, it also shows that you are invested in helping your new hire get settled and have a successful transition into their new role.
This type of assistance may include reimbursement for certain expenses such as travel costs, storage fees, or the cost of hiring a professional moving company. It can also include more intangible benefits, such as helping to secure temporary housing and finding childcare for their children. Offering this type of assistance can be an attractive perk for potential candidates and may give you an edge when negotiating salaries.
Paid Sabbatical Leave
One unique benefit we’ve offered in compensation packages is a sabbatical leave. After a set tenure with the company, employees have the option to take a paid sabbatical. This means they can enjoy an extended break to explore personal interests or travel without worrying about their income. It’s a valuable perk that promotes work-life balance and rejuvenation.
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