Amid economic challenges and a turbulent labour market, compensation and benefits have emerged as a lifeline for employers striving to attract and retain top talent. Simultaneously, for employees, a robust compensation and benefits package serves as a crucial tool to combat the cost-of-living crisis and alleviate external financial pressures.

The era of a one-size-fits-all approach to compensation and benefits is now firmly in the past. With the contemporary workforce comprising four diverse generations, employees possess a myriad of needs and preferences regarding their benefits.

When employee expectations go unmet, organisations risk losing valuable talent. Recent data underscores this, with a staggering 83% of workers expressing their anticipation of a raise in 2023. Failure to meet these expectations could lead to employee attrition.

However, customising compensation and benefits packages to align with employees’ specific needs necessitates a deep understanding of their desires. We will see later in this article how two companies have exemplified how incorporating employee feedback into this process can lead to high employee satisfaction and recognition as a Top Workplace of 2023.

Recognising the Significance of Employee Feedback

Even for companies that routinely survey their employees, simply collecting demographic data falls short in truly comprehending the unique needs of the workforce. Employees may have unspoken responsibilities outside of work, such as caregiving or undisclosed chronic illnesses.

This is why employee feedback must be an integral component of any organisation’s benefits strategy. It offers employees an opportunity to voice their precise needs, enabling employers to tailor their benefits offerings accordingly. Moreover, actively seeking feedback can make employees feel valued and heard.

Numerous employers renowned for their exceptional compensation and benefits packages, including the recipients of the Top Workplaces 2023 Culture Excellence Awards for Compensation and Benefits, leverage employee feedback to ensure that their packages align with employee needs.

Implementing Employee Feedback into Compensation and Benefits Strategies

Two of these exemplary companies, Paycor and Gorilla Glue, have integrated employee feedback into their compensation and benefits strategies successfully.

Ashley Terrell, Director, Human Resources Business Partner at Gorilla Glue, underscores the importance of basing compensation and benefits decisions around the workforce, emphasising that soliciting and considering feedback in these areas is pivotal to crafting impactful benefits packages.

Additionally, compensation and benefits strategies that regularly incorporate employee feedback remain attuned to the evolving state of the world.

Jennifer Gessendorf, VP of Human Resources and Head of Compensation and Benefits at Paycor, highlights their commitment to supporting a diverse global workforce by aligning market-competitive benefits with the goal of attracting and retaining top talent. Paycor places a deliberate emphasis on creating inclusive programmes and emphasising the total rewards value proposition for all employees.

By strategically investing in the right employee benefits, companies craft an environment wherein employees feel genuinely valued, motivated, and steadfastly committed to the long-term success of the organisation.

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