This is the first of a four part series that looks at problems that Human Resource leaders are facing in the current workplace. In most environments, leaders are asked to wear many different hats and to achieve better results with less resources. Many companies are struggling with how to best structure employee compensation under these new restraints. Smaller businesses have to compete with others of similar size but also with larger entities with much larger payroll budgets. Once you add in the ever rising cost of benefits, taxes, training, and other onboarding expenses the task to hire a qualified employee within your budget seems impossible.
So what’s the solution when there isn’t any margin in the budget for higher pay ranges? Even though salary is important, it isn’t always the final deciding factor for job candidates. There are several creative ways to “pay” employees in ways other than salary.
- Creating a system to reward high performers will help facilitate a culture of excellence in any organization. This can be done through employee recognition programs, merit or incentive bonuses, and simple consistent enforcement of rules and regulations across all facets of the company.
- Offering a wide range of voluntary benefits gives the employee the opportunity to decide where to invest their money. Having the ability to choose these benefits at a reasonable cost often means more to an employee than more bring-home pay. These benefits can range from optional medical benefits like dental and vision, insurance options, retirement, or student loan forgiveness programs (add link to fiducius website)
- Employee education in financial planning and wellness is an excellent way to help employees maximize every dollar they make. Helping employees spend their money better and use all the benefits available to them through federal programs is a no cost way for employers to put money back in the pockets of their high performing employees. (insert link to Fiducius financial planning page)
Come back next week to tackle the issue of workforce training and development and see how investing in your employees can give you a loyal and productive team.