Introduction
Most people that go to work get compensated for their time. This
compensation usually takes the form of an hourly rate of pay for the time
employees work. In larger organizations, the rate of pay is a part of the
“Compensation Package” usually consisting of several various
components, i.e., pay, health insurance, vacation time, etc. In small to
medium businesses (SMB) usually, the compensation package may just
consist of pay and depending on the organization some other types of
compensation like PTO (Paid-Time-Off), health insurance, etc. It may be
time that the idea of a compensation package needs to be re-examined at
all levels of the workplace.
The Many. The Few. The None. The workplace reality is many employees
produce much, fewer employees produce less and no employees produce
none. Is it time for the workplace to examine the needs, wants, and desires
of the current workforce and create new compensation package(s) or
compensation model(s) for them? While all organizations have the need to
keep operating costs as low as possible but if there are not enough
employees to go around then it may be time to reevaluate the manner in
which to attract and keep employees in an organization.
The Times they are a Changin’… The Pandemic has forever changed the
way modern organizations conduct their business and how their workforce
operates. There was a time when working away from the office was a
privilege that was earned within an organization or if you were a remote
employee of a company, for example, if you were a sales representative of
a computer based company out of silicon valley (that would be me earlier in
my work-life). Due to the pandemic, many employees had to work remotely
due to health risk concerns. Many employees have grown to like it, some
may even consider it to be their new normal for work.
You get a Comp Plan and You Get a Comp Plan and … It may be time to
observe what large organizations have been doing for many years for their
executive and staff employees and give ALL employees a compensation
package. The compensation package does not always need to be as
robust as senior-level employees however it should contain compensation
that is attractive to the modern-day workforce. For example, once certain
performance objectives are met and if the nature of the position can be
performed remotely, possibly working from home may be an incentive
bonus. Another example may be a 4-day workweek, that is if the
organization can function in that manner. Yet another example could be if
the employee has perfect attendance for 30-60-90 days they get 4 hours of
PTO or a gift card to the store of their choice. The possibilities are endless
and do not always need to include financial incentives for meeting
performance objectives. The question to ask is how does the modern
workforce need, want, and desire to be compensated for meeting
organizational/performance goals/objectives?
Conclusion:
The current compensation methodology in many organizations may need to
be re-evaluated to meet the needs, wants, and desires of the modern
workforce. The pandemic has forever changed the way organizations
conduct their business, especially with remote work becoming the new
norm for many employees. Therefore, it may be time to give all employees
a compensation package, which could include incentives such as remote
work, a 4-day workweek, PTO, or gift cards, among others. By doing so,
organizations will attract and retain more employees, while keeping
business operating costs as low as possible. Ultimately, the question that
organizations need to ask is how to keep employee operating expenses.
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About the Author: Oreste “Rusty” D’Aversa is the author of SELL More Technology NOW! Proven
Sales Methods that Deliver Results. He has over 20 years’ experience in the technology industry and
over 18 years’ experience as a “Solopreneur” being a “One Person Industry”. He is currently the owner of
Metropolitan Small Business Coaching LLC as a Small Business Coach, Consultant, Trainer, Author,
Public Speaker, Seminar Leader, and University Lecturer. He is also an Inter-Faith (All-Faiths) Minister
(www.GodLovesYouAndMe.org). He continues to appear on television and radio discussing his
expertise in various business related and personal development subjects and has authored books,
manuals, articles, and audio CDs. He can be reached at www.MetroSmallBusinessCoaching.com
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Oreste J. D’Aversa
Owner – Metropolitan Small Business Coaching, LLC
(201) 483-8660
[email protected]
