The way we work has changed a lot, and companies need to keep up. Between remote work, rising costs, and employees wanting more than just a paycheck, updating your compensation strategy is key to hiring and keeping the best talent.
Here are six easy-to-understand ways companies can improve how they pay and reward their employee, insights from the Forbes Human Resources Council.
1. Make Pay Fair And Competitive
Review salaries regularly so they match the current market and reward strong performance. When employees see that their hard work makes a difference in their pay, they’re more motivated to stay and do their best.
2. Adjust Pay For Remote Work
Since many jobs can now be done from anywhere, rethink your salary ranges. Expanding pay options beyond local markets helps you attract talented candidates from different locations.
3. Focus On Skills, Not Location
Set pay based on what skills a job requires and how important it is, not where someone lives. This helps you stay competitive and make sure critical roles are filled quickly.
4. Offer Flexible Benefits
Give employees money they can spend on things that matter to them, like wellness, family care, or hobbies. This shows you care about their lives outside of work and builds trust.
5. Align Pay With Performance And Lifestyle
Our President, William Stonehouse III, recommends combining fair base salaries, performance-based bonuses, and flexibility. This approach matches pay with both results and the way employees want to live, which is key for attracting and keeping top talent.
6. Provide Total Rewards That Matter
Think beyond salaries by adding benefits like help with student loans, tuition support, discounts on childcare, budgets for home office setups, and wellness programs. These extras meet real employee needs and set your company apart from the competition.
About Crawford Thomas Recruiting
Crawford Thomas Recruiting is an award-winning national recruiting firm that helps employers find, attract, and hire top talent faster. We specialize in contingency-based recruiting, so you only pay when you make a successful hire—keeping the process risk-free. Our team works across many industries and knows how to connect you with skilled professionals who fit your culture and goals. Let us help you build a stronger team with our proven recruiting strategies.