Career Compass More Than Just Money: Exploring Compensation and Benefits with Megan Nail
Sep 21, 2022
Megan Nail, Senior Vice President for Consulting and Total Rewards at First Person Advisors and a SHRM expert, dives into the multifaceted world of compensation and benefits. She emphasizes that employee perks go beyond just salary, discussing unique options like pet insurance and comprehensive mental health services. The conversation highlights the evolving needs of today’s workforce, especially Gen Z, and stresses the importance of transparency in communication. Nail also underscores the critical role these elements play in fostering employee retention and satisfaction amid changing expectations.
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Defining Comp and Ben
- Compensation and benefits encompass the total rewards experience, including salary, bonuses, and various benefits.
- It addresses diverse employee needs, from pay ranges to mental health and bereavement support.
Importance of Comp and Ben
- Compensation and benefits are fundamental to the employment experience, influencing where people choose to work.
- These areas are closely tied to organizational strategy and involve balancing external market rates with internal value and budget.
Strategic Alignment
- Compensation and benefits intertwine with organizational strategy by influencing workforce planning and cost.
- Employee well-being, supported by benefits, directly impacts productivity and achievement of business goals.