Do You Have to Choose Between Higher Compensation or Lowered Expectations for Your Employees?
In today’s competitive market, companies are making tough choices regarding both compensation and expectations regarding employee performance. Some decide to increase wages as a means of securing top talent. Among those that don’t, they may wonder if they need to shift their outlines regarding their workforce’s capabilities.
However, there may be options available that ensure companies aren’t stuck choosing between higher compensation and lowered expectations for their employees. If you’re trying to get the best of both worlds, here’s what you need to know.
Wage Expectations of Today’s Workforce
Currently, professionals have new expectations regarding pay. Partially, it’s because many know they’re in demand, giving them some power in the equation. However, high inflation is another factor, and that may remain the case until the issues causing the rise – such as supply chain difficulties – are ultimately resolved.
Couple that with lower wage growth before the pandemic, and it’s clear to see why many professionals have decided to prioritize pay. For some within that group, it may remain a driving force regardless of other factors. However, others may not feel the same way, creating opportunities for companies that want to keep their expectations regarding employee performance high without increasing salaries more than the company can reasonably shoulder.
What Professionals Want from Their Employers (Besides Higher Pay)
While higher pay is something many professionals seek out when looking for new opportunities or deciding to stay with their company, it isn’t the only thing they’re after. In the aftermath of the pandemic, flexibility is also a top priority. Essentially, employees want the ability to adjust their work life to provide opportunities for greater balance. Whether that’s alternative schedules, remote work options, or generous leave policies, having more control is a common goal.
An employee-centric culture is also highly sought by professionals. Along with favoring workplaces that perform well when it comes to diversity and inclusion, they want to feel that they can trust their employer to support them during tumultuous times. With the latter, the pandemic played a significant role, as not all companies handled the transitions and shutdowns gracefully.
Companies with clear values and missions are similarly desirable. Work is often more rewarding when it’s supporting initiates that resonate with the professional. By having well-defined missions and values, employees know where the company stands and what it hopes to achieve. Additionally, by connecting the efforts of each employee directly to those points, every task is more meaningful.
Cumulatively, job satisfaction is at the heart of many of these desires. Professionals aren’t just looking for great pay; they want to be happy. By focusing on areas like those above, companies can still attract top talent, potentially without having to increase salaries significantly.
However, it’s important to note that compensation below local industry standards will always come with challenges. As a result, it’s wise to ensure your salaries align with norms as closely as possible.