Turn Your Employees into Growth Partners
Turn Your Employees into Growth Partners.
Uncertainty can lead to complacency. We believe it’s the right time to embrace a growth mindset. This is an opportunity to re-engage, to turn your employees into growth partners, and think about relaunching into this new economy that’s approaching.
Compensation strategies are a key aspect of attracting and retaining employees. Often our best talent, is our competitor’s top recruitment pool. Read that again – our best talent is our competition’s’ top recruitment pool. So what do we do to keep our workforce engaged and fulfilled?
Which is better? Higher salaries or bigger incentives?
5 keys to balancing salaries and incentives:
- Define value creation. Once value creation is defined, compensation can follow a formula for sharing value in a way that aligns key producers with the company’s business plan and priorities.
- Define your pay philosophy. At its simplest level: this is why we pay you. A written statement of what the company is willing to “pay for”.
- Replace incentives with value-sharing. The premise should be to promote value creation and value-sharing. When you help us create value, you participate in that value. Define value creation around the shareholders’ most important goals.
- Understand the talent market. Compensation is a part of the experience. It can be difficult to attract key employees among a shrinking pool of skilled labor. We need to proactively pursue the people we need, and create an environment that draws them in.
- Create structured flexibility. Create a rewards strategy that is flexible, and combine it with an operational structure that is enduring.
At TrueNorth we have a mantra: WIN: When Is Now. Now is the absolute best time to create a total benefits and rewards compensation strategy that will align and create a clear line of site for executives and key individuals that will drive profitability, increase top line revenue, incentivize individuals and also provide structure that can help you attract, retain and reward, key employees.
There is no more important investment for any organization than the investment in human capital.
Contact Kevin Welu today to learn how you can get started turning your employees into growth partners today.
This publication has been prepared by TrueNorth Companies, L.C. and is intended for informational purposes only. Transmission of this publication is not intended to create, and receipt does not constitute, a client relationship with TrueNorth Companies, L.C. This publication does not constitute any type of representation or warranty, and does not constitute, and should not be relied upon as, legal advice. This publication is not a contract and does not amend, modify or change any insurance policy you may have with an insurance carrier.© 2020 TrueNorth Companies, L.C. All rights reserved.
TrueNorth offers businesses of every size comprehensive solutions to meet their business needs and those of their employees. If you are in need of business solutions or are looking to start a business of your own, please call TrueNorth. Our Employee Benefits division would be happy to assist you in providing the well-being of both you and your staff. Call us today at 1-800-798-4080.
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