Succeeding in business today is not an easy task because of an incredibly high level of competition. A wise compensation and benefits strategy can help you attract quality employees, and motivate them to perform to the best of their abilities. This will give you a chance to prevail over your competitors.
An employee compensation program should consist of base and variable pay. The latter is not a mandatory requirement, but it will serve as a strong incentive for quality workers to choose your company over competitors. Base pay has to be calculated based on the role the employee will need to fulfill. There are some legal requirements that determine minimal pay. They must be taken into account when you are trying to calculate the amount of money that will serve as adequate compensation for the job.
Offering the highest salary on the market will definitely help you win over the best employees, but this can doom your company. The wages must be calculated based on your budget with external economic factors (e.g. inflation) taken into consideration. Variable pay can be presented in the form of a bonus system. This will motivate your employees to work better, as bonuses will be calculated based on their performance.
Benefits are the true key to getting high quality employees. Many people today come to understand that money is not everything. This means that with a wise benefits strategy in place, you will be able to attract and retain high quality workers, even if the wages you offer are not particularly high. In order to do this, you will need to understand what people need most. Look into various sociological surveys, or start a few online polls on your own.
The most common benefits that people are interested in are health insurance (including dental, vision, and disability), paid leave, health care spending accounts, and retirement plans. If you are particularly interested in some specialization, you can personalize your benefits package after doing some research on the employees. Compensation and benefits may not be the only things that matter to people when they are looking for a job, but there is no arguing the fact that they matter the most in 90% of all cases. Understanding this and creating a strategy that will allow your company to provide the best salaries and comprehensive benefits packages will determine whether you are able to succeed in business. You people make the company, so you will not be able to achieve success with poorly qualified employees.
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