A remuneration package is any type of compensation that pays for your talent and services. It is usually comprised of monetary and non-monetary benefits composed to incentivise current employees and attract new and quality talent to your business. Extra bonuses and holidays for employees can incentivise, motivate and attract. These packages can influence employee engagement and productivity, similarly to rewards and recognition packages.
To start off, this is your opportunity to be competitive. Your first step should be researching, because not only do you need to make sure your package is according to government award wage industry standards, you need to know what the average wage/salary is for the role in your industry, and what your biggest competition is offering. Candidates will be looking for packages which reflect their roles, responsibilities and talent. Bonuses can be awarded to individuals or teams who have particularly over-performed, and you should outline this in the package. Programmes like this can encourage continued high performance and employee satisfaction. Companies with a solid remuneration package have lower employee turnover, stay competitive and have higher employee well-being
Well, to summarise, success! Packages that employees feel reflect their value promote good teamwork, efficient delivery, motivation for innovation and consistency. Great packages keep employees focused, engaged with their work, and eager to deliver quality. Give your employees a reason to stay and put their best foot forward!
Companies tend to categorise their remuneration in one of two ways:
Candidates will more than likely want to negotiate what their remuneration and benefits package will look like. They want to make sure their talent and work are being rewarded fairly and valued. Before presenting your remuneration package to them make sure you have done your research and your direct compensation is up to industry standards, especially in your geographic location, and keep in mind a candidate with more experience and expertise will expect to see that valued through your proposal. If your remuneration package s non-negotiable then tell them that from the beginning, they still may push and ask if that will change at a later date. If they think there are parts of your remuneration package which is a deal-breaker to them, ask why and maybe consider small negotiations if they are otherwise perfect for you.
Remuneration packages look different across companies and industries, but there are 4 main things you should consider when getting started or reviewing yours:
1: Remuneration: at the centre of the package, here you start with their monetary compensation such as salary/hourly, bonuses, fixed allowances and short- long-term incentives
3: Career development: people want to know how your company would benefit them in the long run. Include development opportunities, formal rewards and recognition programmes and performance development
2: Benefits: here you can throw in your share schemes, health and insurance plans, and salary packages
4: Work-life: this is now more valuable than ever after covid. People now know how to work from home efficiently and comfortably better than ever before. What are your policies and programmes surrounding flexible working hours and locations? Show that off here. This also includes wellness considerations and programmes, team activities and commuter support