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Beyond Compensation

In today’s business world, change is the new status quo. This is a time when erratic corporate cultures dictate the very rules of employee engagement. Gone are days where we have time to reflect and give our considered opinion to our colleagues.

For businesses seeking continuous growth and innovation, attracting, managing and retaining ‘gifted’ employees have become an important corporate activity. Based on Hay Group’s work with many clients around the world, I would like to suggest that companies look beyond just plain ol’ salary to help them manage their scarce human resource.

Consider a more holistic approach:
1. Rethink our definition of ‘giftedness’. Consider the less glamorous cousins of ‘positive attitude’, ‘loyalty’, ‘engagement’ and ‘work ethics’ when evaluating employees.
2. Remember the saying ‘people don’t leave jobs, people leave people’. According to Hay Group and other research, recognition and job satisfaction are two of the most important ingredients in motivating and retaining employees, ranking even higher than a handsome bonus package or a fat pay cheque.
3. Re-evaluate your incentive program. You’ll be surprised to see how energized your team becomes when you surprise them with a meal, day-off or small bonus for a job well done. The essence here is surprise, of course!
4. Re-link your job descriptions, your compensation and benefits program and corporate objectives. This way, every one knows what they are working for and why.


[b]What does this mean for us as employees?[/b]
1. It may sometimes not seem that way, but as employees, we do have the power to make changes for the better.
2. Work with our managers and human resources department if you think there is a better way of managing people. Every HR practitioner we’ve worked with has told us that they welcome more feedback and suggestions from their colleagues.
3. Understand that, while we have our team’s interest, HR has to balance your suggestions against the entire company’s interest. So do take a collaborative approach when working with them.

Managing people in a company is not just HR’s job, it’s every one’s responsibility in the company