It pays to stay competitive

Competitive wages and benefits are vital to attracting talent—but determining what you should offer is a complicated, ever-shifting calculation. Our labor market information experts are constantly updating information about wages, hiring demand and employment trends across Minnesota and in your region. You can access this data in the tools under Labor Market Information. Also consider the following compensation and benefit options:

Compensation can take many forms:

  • Base pay
  • Commissions
  • Overtime pay
  • Bonuses, profit sharing and merit/performance pay
  • Stock options
  • Travel, meal or housing allowances

Some employers are providing more creative and customizable benefit options to better match the needs of existing and prospective employees. A growing number of employers offer:

  • Student loan debt reimbursement
  • Tuition assistance
  • Paid parental leave
  • Adoption assistance
  • Employee assistance programs
  • Paid volunteer time off
  • Flex time
  • Work-from-home options
  • Paid pet leave

This doesn’t mean that more traditional benefits are any less popular. These often include:

  • Heath care insurance, including medical and dental
  • Holiday and paid time off
  • Paid sick days
  • Retirement/pension plans, 401(k) plans
Group of warehouse construction workers

Other factors matter

Wages and benefits aren’t the only factors career seekers and employees consider. They also place a high value on a positive workplace culture—feeling respected and part of a team that’s doing important work. They value an employer who makes the effort to advance their career, skills and knowledge by creating individualized development plans. They also value an employer who knows how to create and manage an inclusive workplace.

In short, being an employer of choice can make it easier to attract and retain talent—and that talent makes it easier for your organization to reach its goals.