Innovations of Employee Benefits

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The succeeding paragraphs will explain how innovations in employee benefits can improve the overall competitive compensation strategy of the organization. In order to maintain their competitive edge, companies need to fully understand that as the needs of their employee’s change, so does their benefit plans. Companies need to find innovative ways of engaging employees that encourage and support their commitment and improve their performance.

The first way is by helping the company to attract and retain talent. A company is only as good as its workforce so having an innovative benefit plan will help to attract high potential candidates and also retain them within the organization. McKeown, J. (2002) states that, “Effective retention begins before the hire- in tour recruitment literature, of course, but also in corporate and product literature, advertisements (for recruitment and for sales), press releases, product branding, company image, management reputation, and a myriad of other messages that your organization puts out into the marketplace about what it is, what it does, and how it does it.” (p.20). It is well known that in order for companies to gain that competitive edge thy need to offer something that the other companies in their market are not offering in order to attract and retain top talent.

The second way is by helping the company to raise morale and job satisfaction. WorldatWork (2007) notes that according to a 2004 Overworked in America Study, that employees were less likely to feel overwhelmed if they had jobs that afforded them the chance to continue their education. A management team that supported them in succeeding in their careers, the flexibility they need to manage their job and personal/family life, and ...

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... of the changes because it will not require going through the entire upper management team for approval as they are already the ones on the review teams.

Works Cited

del Bueno, D. J., & Bridges, P. B. (1985). Providing Incentives While Reducing Costs: An Employee Suggestion Plan. Nursing Economic$, 3(4), 212-215.

Heneman, R. L. (2007). Implementing total rewards strategies. SHRM Foundation’s Effective

Practice Guidelines Series. Retrieved March 6, 2012, from http://www.shrm.org/hrdisciplines/benefits/Documents/07RewardsStratReport.pdf

McKeown, J. (2002). Retaining Top Employees. New York: McGraw-Hill.

Stone, T. (2006). Going to the dogs can be an employee morale-booster. (cover story). New Hampshire Business Review, 28(21), 1.

WorldatWork. (2007). The WorldatWork handbook of compensation, benefits, & total rewards. Hoboken, NJ: John Wiley & Sons.

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