Today we’re going to work a little bit on our communication skills. As managers we have a pretty good understanding of the value of our total compensation package, meaning not only wages but benefits as well.
Unfortunately, most of our employees look only at their wages, or what they’re able to take home and spend. Many don’t realise that their benefits packages cost quite a bit of money as well.
Imagine now that you have an employee who has just entered your office to give notice that he will be leaving for another job. He truly believes he will be making more money, but upon further questioning you realise he will be making only a small percentage more when it comes to wages and he will be losing out on a large portion of his benefits.
What would you to do explain the overall value of the compensation package he is receiving from your organisation? Do you think your explanation would be enough to change his mind? What steps will you take to communicate how much the organisation appreciates his work?
These are two issues I have always dreaded: compensation and resignations. Putting the two together should give you a chance to look closely at each so that you’re prepared to address any situation that arises.
Originally published: 2 December, 2008
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