Do You Reward Senior Level Staff With A Stronger Benefits Package?
This is a loaded question, as deciding on senior staff reward must take into account so many factors including pay and benefits.
Reward too much and you risk alienating employees, who may decide the benefits received by senior staff are unfair and far outweigh what is received by other roles in the organisation. But reward too little and you risk not being competitive in the marketplace.
When looking at your benefits package for senior staff, try to understand that many different incentives motivate individuals to produce their best efforts. Offering a range of benefits and wellbeing initiatives – from flexible hours to social gatherings – may be the ace up the sleeve of an employer who wants to make sure every member of their organisation is on-board.
Reward Connected can help guide you through the process, whether you wish to treat all staff the same or whether you will treat Directors and above more favourably when putting together a reward package. Your staff are the people who count, because they make your business what it is.
What Are The Most Common Senior Staff Benefits
Our research shows that it is still common for many organisations to offer senior staff higher benefits. Looking at the current landscape, the main areas where an organisation increases benefits for their senior level staff are generally offered financially – through salary, pension contributions or a company car.
As we mentioned above, a full reward package can take into account a far wider range of initiatives than financial ones. Senior staff may appreciate the benefit of having more free time when they really need it – so flexible working hours may be an offer you place on the table for them.
The data above comes from the 2017 Reward Connected Wellbeing and Benefits Survey. This survey was our way to discover the growing importance of wellbeing and benefits in the workplace, as well as better understand the latest trends. The survey was remarkable and helped many organisations understand where they stood against their competition in the market.
We curated an interactive results event, which allowed peer networking and knowledge sharing amongst HR professionals, on which benefits and wellbeing initiatives had worked out well for each individual organisation and which had not.
As benefits and wellbeing initiatives are constantly evolving this survey takes place every year, ensuring we gather the most up to date market intelligence before making it available to you. You can take part in our next survey for 2018, by clicking here today.
We highly recommend you take part, as it will guide you towards a much clearer answer when choosing if you are to offer senior staff a better benefits package than the package other roles receive.
Need more help?
Whatever benefits and wellbeing package that you create for staff, of any level, you must use it to create a positive effect rather than a detrimental one on your organisation.
It is what creates a strong foundation on which to build an efficient and keen team. A reward package that is designed solely for your organisation can help improve staff wellbeing and absence management, as well as making sure your firm is up to date and offering fair pay to all.
Or be a part of the Wellbeing Survey 2018, by answering these questions here.