--- title: What Changes Could You Make to Your System of Employee Compensation? description: Compensation can be difficult to get right, but there are ways to make you and your employees happy. See what changes you could make for everyone's benefit. image: https://blog.synerion.com/hubfs/money-finance-bills-bank-notes.jpg --- [![logo-optimized](https://blog.synerion.com/hs-fs/hubfs/logo-optimized.jpeg?width=185&height=69&name=logo-optimized.jpeg "logo-optimized")](https://www.synerion.com) - [Client Support](https://www.synerion.com/client-support/) - [Request a Demo](https://offers.synerion.com/request-a-demo) - [Contact Us](https://offers.synerion.com/ca-contact-us) - [FR](https://www.synerion.com/fr/our-people/) - [Products](https://www.synerion.com/agile/) - [Agile Workforce Suite](https://www.synerion.com/agile/) - [Enterprise Suite](https://www.synerion.com/enterprise-suite/) - [Solutions](https://www.synerion.com/workforce-management/) - [Workforce Management](https://www.synerion.com/workforce-management/) - [Time & Attendance](https://www.synerion.com/time-attendance/) - [Time Clocks](https://www.synerion.com/time-clocks/) - [Employee Scheduling](https://www.synerion.com/employee-scheduling/) - [Absence Management](https://www.synerion.com/absence-management/) - [Labour Costing](https://www.synerion.com/labour-costing/) - [Mobile & Tablet](https://www.synerion.com/mobile-tablet/) - [Reporting & Analytics](https://www.synerion.com/reporting-analytics/) - [Integrations](https://www.synerion.com/integrations/) - [Why Choose Us](https://www.synerion.com/why-choose-us/) - [Why Choose Us](https://www.synerion.com/why-choose-us/) - [Our People](https://www.synerion.com/our-people/) - [Blog](https://blog.synerion.com/) - [Products](https://www.synerion.com/agile/) - [Agile Workforce Suite](https://www.synerion.com/agile/) - [Enterprise Suite](https://www.synerion.com/enterprise-suite/) - [Solutions](https://www.synerion.com/workforce-management/) - [Workforce Management](https://www.synerion.com/workforce-management/) - [Time & Attendance](https://www.synerion.com/time-attendance/) - [Time Clocks](https://www.synerion.com/time-clocks/) - [Employee Scheduling](https://www.synerion.com/employee-scheduling/) - [Absence Management](https://www.synerion.com/absence-management/) - [Labour Costing](https://www.synerion.com/labour-costing/) - [Mobile & Tablet](https://www.synerion.com/mobile-tablet/) - [Reporting & Analytics](https://www.synerion.com/reporting-analytics/) - [Integrations](https://www.synerion.com/integrations/) - [Industries](https://www.synerion.com/manufacturing/) - [Why Choose Us](https://www.synerion.com/why-choose-us/) - [Our People](https://www.synerion.com/our-people/) - [Blog](https://blog.synerion.com/) - [Client Support](https://www.synerion.com/client-support/) - [Request a Demo](https://offers.synerion.com/request-a-demo) Menu ## Synerion Blog # What Changes Could You Make to Your System of Employee Compensation? [Team Synerion](https://blog.synerion.com/author/team-synerion) Aug 1, 2016 9:00:00 AM ![money-finance-bills-bank-notes.jpg](https://blog.synerion.com/hs-fs/hubfs/money-finance-bills-bank-notes.jpg?width=346&name=money-finance-bills-bank-notes.jpg) If you want to be an organization that attracts the best kind of talent, you should consider taking a look at your employee compensation policies. Managing compensation is a challenge for all businesses and it’s of crucial importance to employees as well. Finding a system that fits the needs of both parties is essential for a successful business. Here are 4 examples of changes you can make to employee compensation that help both you and your employees. **Annual Incentives that are Self-Funded** Variable pay programs have become more popular than ever. One the biggest advantages of this particular kind of plan is the self-funded nature of the program. It is based on a bonus pool that is established from new revenue employees helped bring in or savings that have been found internally. Either way, it’s a great way to have all your employees feel like they are working towards a common goal and benefiting from the success they have helped create.   **Reducing Hours for Less Pay** There are many employees who might interested in reduced working hours in exchange for less money. Numerous studies have shown that the standard working week can be detrimental to health, especially for workers who are 40 and older. They may already be relatively financially secure and just looking for some supplementary income. It’s a great way to tailor the position to real number of hours needed to do the job. The employee benefits through less hours and the employer through reduced costs. **Customization of Benefit Packages** Employees are looking for compensation packages customized to their needs and employers are starting to notice. They are giving employees the ability to opt into different benefit programs based on their need. Workers in their 20s, 40s and 60s all have vastly different needs and benefits should reflect this reality.  Some of the interesting optional benefits companies have been offering include optional life insurance, pet insurance, financial advising, legal service and disability coverage, just to name a few examples. **Health and Wellness Benefits** Benefits play a critical role for both employers and employees. Employers are looking to reduce costs while employees want access to the benefits they need. This has result in many employers offering healthy lifestyle incentives and welless programs for their employees to reduce the cost of benefits programs. Offering health lifestyle incentives to your employees can be an attractive perk as part of a compensation package that both parties benefit from. ## Read On ### [4 Tips for Building Quality Employee Schedules While creating your employee schedule, sometimes it takes a lot of juggling to make everyone happy,...](https://blog.synerion.com/4-tips-for-building-quality-employee-schedules) ### [Scheduling Mistakes that Cost Your Business Money Payroll is one of the biggest costs in both large and small businesses and waste can significantly...](https://blog.synerion.com/scheduling-mistakes-that-cost-your-business-money) ### [The best employee scheduling app for the Healthcare industry Employee scheduling is a vital part of the healthcare industry. Without effective scheduling that...](https://blog.synerion.com/the-best-employee-scheduling-app-for-the-healthcare-industry) ![Synerion](https://blog.synerion.com/hubfs/raw_assets/public/Synerion_April2020/images/footer-logo-300x111.png) Synerion is an award winning leader in cloud workforce management software with over 30 years of experience, 5,000,000 users, and 7,000 installations globally. Synerion offers time and labour, advanced scheduling, absence management, labour allocation, timesheets, coreHR and more. 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