After being furloughed, unemployed, or transitioning to a new industry, hospitality workers have reassessed the industry’s ability to meet their well-being needs. Multi-faceted benefits packages have now gone from “nice-to-have” to “must-have” for employers to attract and retain talent. The most well-received benefits focus on supporting employees outside of their working hours. Focus on these four factors when putting together a compensation package:
Beat the Industry Averages
The core of every competitive compensation package is a compelling base salary. Even in heavily commissioned positions, the security of a paycheck that provides quality of life is essential. It helps to understand the average salaries in your hospitality specialty, as well as the local standard of living costs.
To fully engage employees, give them a chance to reap the benefits of the business’s success. If you do not have a bonus structure in place, you should consider doing so. But a bonus is only as enticing as its chance of pay-out so be sure it is achievable and available to a variety of roles.
Make Benefits a Family Matter
During the pandemic, many workers stepped back to care for family members. Employers should expect that this priority change is here to stay and adjust benefits accordingly. Compensation packages need elements that support the entire family, such as family leave, maternity and paternity leave, and even childcare reimbursement.
Find Meaningful Perks
If casual dress codes and gym memberships are the only perks of working for an employer, candidates will quickly move on to other employment opportunities. These do not address the real pain points of today’s workers, like mental health and burnout. Not only do companies need to provide paid time off, but the related policies must encourage employees to use it. Another worry plaguing hospitality workers is the trajectory of their careers. Provide options for mentorships, tuition reimbursement, and quality ongoing professional training to show that their future is a priority.
Make it a Conversation, Not a Negotiation
Today’s hospitality workers and job seekers have their pick of compensation packages. Approach the compensation conversation with an open mind. By asking them what the company can do to make them feel supported, you will strengthen employee trust. If they ask for something that you simply cannot provide, be willing to find alternatives or look into creating in the future.
Get Insights from Recruiting Experts
Experienced hospitality recruiters, like the ones at Horizon Hospitality, can give you insight into what today’s candidates are looking for from employers. Contact us today to find out how we can help you build a compensation package to win the battle for talent.
