Here’s How You Should Compensate Your Employees
The definitive guide to crafting a standout compensation package
Today’s job market is extremely competitive for a few reasons. One, there’s a wealth of information on employers out there — employees are hence getting pickier and curious about the jobs they are applying. Two, the focus on employee experience created a moat that many companies stuck in a bygone era can’t cross. Three, culture is important enough for employees to willingly sacrifice a percentage of their salary for the right one to work in.
As such, companies are frantically stepping up their hiring game over the past several years — this decade will see the same. As McKinsey called it, this war for talent is turning into an all-out battle between companies for talented candidates. That means promising great workplace cultures, employee perks, equity bonuses (if it’s a startup), and even stock options.
The list goes on, but one of the surefire ways to increase your chances of getting a talent on board is to offer a standout compensation package.
With platforms like Payscale and Glassdoor, the compensation package has never been more scrutinized than today. Employees are caring more about how much they’re earning. Wage gaps arising from gender, ethnicity, and nationality are also…
