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Putting together compensation packages is one of the main responsibilities of the HR function, but the best practices and strategies look a lot different today than years past. While salary is still the most important component when it comes to putting together an offer letter, benefits play an increasingly critical role for workers who have come to expect more from their employers.
“You have to pay competitively, but that's table stakes,” Ron Seifert, workforce reward and benefits leader at Korn Ferry, an organizational consulting firm, tells Fortune. Business leaders need to “understand how to differentiate yourself from a benefits perspective,” he says, along with other factors like bonuses and stock incentives.
