Crain’s Magazine Employee Compensation Interview
Crain’s Business Magazine Interviews Dr. Mary To Learn More About Employee Compensation
Is it the right time to hire, promote from within, and compensate those individuals that have supported your organization through the lean years and those of prosperity. Many employers are facing the challenge of recruiting and retaining talent as the job market has improved and those with the skills, education and experience are looking to be fairly compensated. But what is fair? What are applicants and employees looking for? What can organizations do to entice valued employees to apply and stay?
Crain’s Business Magazine Detroit Reports On Compensation With Dr. Mary Welsh Human at Clarity Voice.
Clarity VoIP was recently voted one of Crain’s Magazines Coolest Places To Work 2014, a title they earned thanks to the professional services provided by Dr. Mary. Check out the award here.
According to Dr. Mary, compensation provides individuals with self-validation for their efforts, thoughts, fulfillment needs, sense of belonging and purpose along with their basic monetary needs to survive, live comfortably, and/or feel a part of something. As organizations examine their compensation strategies, many employers are placing a high emphasis on meeting the self-actualization and transcendence needs of their employees.
According to Maslow’s theory, self-actualization looks at personal growth, discovery, and finding a meaning to life that is of importance, whereas, transcendence means helping others achieve their own space of self-actualization.
Create and Maintain Your Culture
This is the reason that organizations place a large emphasis on creating and maintaining a culture to nurture that need to belong and contribute, to make a difference; a space where they are encouraged to communicate their ideas and thoughts; take responsibility for their individual work and their contribution to a team environment; to grow personally and professionally; to make a difference; to fulfill their need to be part of and contribute to the community and the environment; and to nurture and share their knowledge and skills with others. How well do you understand your employees?
Utilizing product assessments to survey your employees and share different perspectives aids in reducing conflict, improving leadership and peer-to-peer communication, and keeping employees happy and focused. One such assessment is the Dr. Taylor Hartman’s The Color Code that incorporates a heightened awareness of your unique personality core motive to improve personal and professional awareness and communication. What is the Color Code?
Compensation Should Align With Your Organizational Strategy and Vision
The main point to consider is alignment; the compensation strategy should be transparent and align with your organizational vision and strategy. When employees feel that sense of inclusion, that the individuality and diversity of the team is valued and embraced, and that their personality, behaviors, networking skills and work are cherished; they will do the right things, go the distance, and make a difference for all those they interact with: their peers, their leadership, and most of all your customers.
How To Keep Employees Engaged and Committed
As leadership designs and/or modifies their compensation strategy, it must be communicated effectively. Organizations need to pay their employees at market value or better to retain valued talent. Although monetary increases are welcomed, there are areas to consider that may not break the bank that attract and keep employees committed to your organization including: knowing your employees by building that personal connection and praising their work, allowing flexible work arrangements to balance their life and work, a welcoming environment with perks (ping pong tables and stocked refrigerators), food and treats are always welcomed and appreciated, training and development options, job enhancements and projects to further their skill set and ability to work with others, generous benefit plans, individualized recognition and rewards such as “employee of the month” and “sharing customer accolades”, and finally performance pay options such as bonuses and commissions.
Crain’s Coolest Places to Work
Another consideration that fulfills that need to belong is to gain recognition for your organization such as being recognized as one of Crain’s Coolest Places to Work. One of my client’s, Clarity Voice, was voted 5th Coolest Place to Work in Michigan (2014) and has the commitment of its team to become the “Most Respected, Most Referred Cloud Phone and Unified Communications Provider in North America” as they aspire to being the BEST VoIP/Cloud Company, not the BIGGEST by believing if they help enough businesses get what they want, they’ll get what they want.
This is an organization poised for growth as they understand the importance of compensating and recognizing their team and their employees are committed and enjoying the ride to success. Go Team Clarity!