It’s Time to Reimagine Your Compensation Structure: What to Look For

Turn on the news, open a newspaper, read your online news sources — it’s clear that the past two years have been a time of considerable soul-searching for employees. But as the Great Resignation marches on, it also presents a prolific opportunity for employers.

By taking a data-driven approach, as recommended by Harvard Business Review, employers can:

  • Quantify the problem and its impact on key business metrics.
  • Identify the root causes that are driving workers to resign.
  • Implement targeted retention campaigns designed to address the specific issues they struggle with the most.

By understanding the issues your candidates and employees are having, and anticipating their needs before they surface, you can write a new narrative that begins with transparency around the compensation structure. In doing so, you may want to consider implementing the below.

Compensation Structure Solutions to Look For

Digital Offers

Candidates have higher expectations not only with their workplaces, but with the entire recruiting process. They expect a fast process, mobile availability, customization, and technology-driven solutions. Equitable and competitive digital offers meet and often exceed these expectations. Not only do they elevate your hiring brand and explain total compensation clearly and concisely, digital offers also have been shown to improve candidate acceptance rates. Imagine the ease of allowing candidates to explore the number of equity options that your company offers, with the added bonus of those hard-to-understand concepts like restricted stock or performance shares communicated in a digestible way that every candidate can easily understand.  With this enhanced form of communication, you can demystify your compensation structure from the start.

Support Around Total Rewards

Forty percent of compensation is non-cash. Yet 95% of employees don’t understand equity, which is often overlooked, undervalued, and misunderstood. These percentages cannot be ignored. Simplify complex topics with the right tools to help candidates visualize and understand their total compensation — including their future growth at your company. With a firm understanding that when the company grows, so will their compensation, employees can see the alignment and build vested interest in success outside of the four corners of their job description.

“It helps our entire team better understand their compensation, potential value of their ownership, and what their financial future at Gatsby looks like.”
- Maddie Wolf, VP of Operations, Gatsby

Real-Time Compensation Data

It’s really all about knowledge and making informed decisions. With real-time compensation data, you can:

  • Fairly plan and benchmark salary and equity compensation
  • Modernize your compensation decisions
  • Empower employees by providing accurate market information
  • Gain insights on the market and current and future salary trends

This all leaves employees more confident about what they are being offered compared to what else is out there.

The time is now. And the future of your business is exciting. We can and will shift the narrative around the Great Resignation by using it as the unique opportunity to improve that it is.

It starts with reimagining …

Imagine a well-informed, empowered team working together for a stronger company.
Imagine building lasting relationships with candidates and employees by elevating your hiring strategies, easily communicating compensation, and integrating real-time compensation data.
Imagine that by making it easier for your team to thrive, you’re making it easier for your company to thrive.

Download our guide when you’re ready to stop imagining and start creating your new narrative with a reimagined compensation structure.

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