What will happen if your organization cannot pay top dollar? Are you forever relegated to hiring semi-skilled employees? Won’t you have the chance to attract top talent in the industry? Compensation is critical in attracting, retaining, and recruiting top talent. It is also responsible for decreasing the turnover rate of employees. The better your compensation package is, the more likely your employees will stay with your company.
But not all organizations can pay top dollar? More than 67% of job seekers consider salary the top consideration when applying for a job or accepting an offer. Don’t lose hope. You can offer other types of compensation such as access to gyms, a pain treatment clinic, retail discounts, travel perks, and many more. The salary may be an important consideration for employees, but it’s not a deal breaker. Many of them will still look at what the organization can deliver in terms of career advancement, competitiveness, reputation, and stability.
Flexible Work Options
The current health crisis put more people out of work than ever before. Those who were not laid off have to now work from home. Years ago, there was already a call for organizations to consider a work-from-home setup, especially for those who need to stay home to take care of their families. Today, organizations finally realized that remote work can benefit the company. Not only does it cost more for a company to run this way, but the employees are happier and more satisfied.
More Vacation Time
You cannot afford top dollar, but can you provide more vacation time? On average, workers who five years of experience are allowed 15 days of vacation leave while those with 20 years of experience are given 20 days of vacation leave a year. While you cannot pay them top dollar, you can provide more vacation time. This is less expensive, and companies can afford to miss an employee for more than 15 days a year.
Better Health Insurance
If there’s one thing that the coronavirus pandemic has highlighted, it’s the need for a better health insurance. People want to be protected from all sorts of illnesses, diseases, and other medical conditions. If you can’t compete with other companies in terms of salary, can you negotiate with health insurance companies for better coverage for your employees? If you can offer a better health insurance, more workers will want to move to your company. Yes, even highly skilled and top talent from other organizations.
Stock Options
Another thing you can offer to your employees is a percentage of your company’s earnings. Make them partial owners of the company, so they will all be interested in reaching your revenue goals. This will go a long way toward making them more productive and efficient in their roles within the organization.
You don’t even have to give these for free. If they have stayed long enough with your company, you can offer to deduct the price of the stocks from their salary. In exchange, they can liquidate the stocks once they decide to resign from their jobs. Or, they can also earn from the business’ profits.
Retirement Benefits
Who is not thinking about retirement? If you want to retain top employees, you have to let them know you’re thinking about their future, too. That future includes retirement on the horizon. You can offer to contribute more to their 401k. You can also build a separate retirement program for your employees. Invest this fund back into your business and pay back the capital, interest, and dividends. Just make sure to be transparent, so there will be no accusations of corruption.
Leisure Perks
What else do employees want to have but travel perks and even discount coupons to their favorite retail shops? If your business involves a lot of traveling around the country or even out of the country, make sure that everyone gets their fair share of the opportunity. The company will shoulder all the expenses for the trip. Single people will particularly want the chance to travel around the country.
You can also partner with retail shops and offer discounts to your employees. Other perks they will love to have are free gym memberships, yoga sessions, social clubs, and transportation or food allowance. For most of these perks, you can negotiate with other companies so you can get them for lower the published prices.
All candidates want to be paid equally. They’ll even say that to you during the hiring process. However, you can still try to convince them to choose your offer or even stay with you longer if you can provide something that not all companies are willing to give. It’s all about negotiations. The more you learn how to negotiate with possible candidates, the more likely you can attract top talent.
Meta Title: Compensation to Offer Employees When You Can’t Afford Top Dollar
Meta Description: Compensation matters if you want to retain employees and recruit top talent in the industry. But what happens if you can’t afford to pay top dollar?
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