The power of reviewing compensation and benefits packages regularly

If you want to stay competitive in this new era of work and be ready for future you will probably want to review your compensation and benefits regularly. With multinational companies spreading their talents with remote work across the globe it is crucial to create specific adequate packages for each and every country. Last couple of years of post-pandemics has elevate the bar on the need for core benefits. The benefits that are now differentiating companies are lifestyle benefits. According to employees a good benefit improves quality of life.

Here is the list of most popular recent practices today in best companies in Europe: (Thanks to Remote, Google, Meta, HubSpot for sharing their reports. Data is collected from recent reports on compensation and benefits study across US, UK, Europe, India, Brazil)

Perks that differentiate best companies from others:

• Remote working

• Flexibility is a high priority for people generally, specially for women, younger employees, and contractors and the opportunity to work flexibly could make or break their decision on where to work

• Companies are offering once per year to work whole month from anywhere you want

• Wellness fee

• 4 day working week!

• Early finish on Friday’s

• Company sponsored retirement plan

• Family health insurance

• Private health insurance

• Paid self care days for mental health

• Paid therapy or coaching sessions

• Financial wellness programs

• Healthy food options in the office or home deliveries

• Gym/yoga membership - I am sharing one idea for free how you can implement this with 0 EUR budget. Ask people in your organisation who would like to give yoga classes for their colleagues once a week, and voila! Assign this to that person, and spread the news that you offer free Yoga classes. You’re welcome. Connect with me for more ideas.

• Paid courses or other development activities such as educational fees. Here is an idea for this, for 0 EUR budget. Ask people in your organisation if they would like to share with others some of their key skills, knowledge, this is great idea, because people have diverse experience and they love if they can learn from their peers for free! Then organise free bootcamp on 'xx' topic to up-skill your employees. I got this idea while listening 'bad guy' from Billie Eilish. Thank you Billie for inspiration.

• Paid additional parental leave

• 13th month salary

• Profit sharing at the end of the year

• Retention bonuses every 18-24 months

• Additional tip is experiment with Open AI packages for enterprises or Gemini for your employees, in this way you will encourage your employees to stay updated and take advantage of new technology.

When thinking to improve your compensation and benefits packages is crucial to create localised benefits packages for each and every country where company had talents or contractors. When implementing these listed above, you need to understand which benefits are required by law, and which benefits will be valued in each individual country. So, I would approach this individually for each and every country where you have stakeholders.

Employers feel that attracting the right talent with the right skill continues to be the biggest challenge when hiring (here in my opinion major reason for this is that interviewers ask specific questions like ‘Did you use ServiceNow?’ Now, this creates huge gap while attracting talent, because in different parts of the world companies use different tools to work, now instead of looking for talent who works on ServiceNow wouldn’t be more efficient ask question what kind of tools, ticket system did you use in Middle East, or Australia, wherever that talent is coming from. In this way I firmly believe companies will find quickly best talents. This is just one example, there is tons of requirements in job description that include mandatory for talent to use certain system. Now, high management have to be aware of the amount of SaaS around the world, and it keeps growing. Now what you want to look for in a talent is what do they use now? What did they use in the past? Probably do a quick research on that ( if you never heard of it :)) to see if it is similar to a system new employer is using. Therefore, you want to look into ability to learn new skill, as change is inevitable.

Please feel free to reach out if you need help designing best benefit package for your business.

I hope it is helpful.