Your talented employees are the backbone of your organization. These people spend each day working hard to make your company a success. In fact, you’d be completely lost without them. There’s no doubt about it, you definitely value your team, but are you compensating them properly? If not, there’s a good chance they’re already thinking of moving on to your competition.
3 Savvy Ways to Compensate Your Team
Not ready to lose employees to your competitors? Learn three key elements of a well-rounded compensation package:
- Pay Quarterly Bonuses: It’s true what they say — money really does talk. No matter how much a person likes their job, they’re not going to stay with your company for the long term if they’re not earning what they’re worth. In addition to paying a competitive salary, try offering quarterly bonuses instead of annual. Most people prefer to have short goals to work toward rather than long-term ones, and people often lose sight of incentives when they must wait an entire year.
- Offer Attractive Perks: Make your company a really great place to work by offering incentives like generous or unlimited paid time off, the ability to work from home, fun social events, outstanding healthcare coverage, relaxed dress codes and more. Unlimited time off, you ask? Yes. Subject to manager approval. The best professionals – the ones you want on your team – will not abuse this policy and will appreciate the flexibility. People place a high value on perks that enhance the quality of their lives. For some employees, many of these benefits may even outweigh a higher salary, so if you’re unable to pay industry-leading salaries, this can serve as a great offset.
- Listen to their Opinions: Money and fringe benefits certainly make a difference, but they aren’t everything. One indirect way to compensate your employees is to let their ideas be heard. It’s beyond rewarding to work for a company that values your feedback and allows you to make contributions that really count. The most talented employees don’t just want to earn a paycheck, they also want their efforts to produce tangible results.
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