In our previous blog post, we asked the question, “How does your organization’s compensation structure measure up?”
Today’s candidates are motivated by forms of compensation other than just a starting salary. Four of those forms are as follows:
#1—A flexible working schedule
We live in an age of almost constant communication (laptops, smartphones, etc.). Allowing some flexibility when employees need it not only counts as a form of compensation, but also builds a sense of loyalty with that person.
#2—Opportunity for more paid time off
Workers in America take less time off than in any other country in the world, but it’s not intentional. Rewarding top producers with more paid time off is an inexpensive yet valuable investment in those employees.
#3—The chance to earn bonuses
Rather than giving across-the-board raises, more companies these days are opting for variable compensation structures that reward the best employees with bonuses. These aren’t paid out at the end of the year, though.
They should be given when the employee reaches certain production levels and goals. Once again, that differentiates you from other companies and cultivates loyalty with your star employees.
If an employee is excelling and could be given added responsibility in a supervisory role, then it makes perfect sense to promote them. This is not in lieu of a raise or other earned compensation benefits, but in addition to them. Of course, such a move should only be made if it makes sense for the company (i.e., will allow the employee to continue to grow and be more productive).
Consider each of the key people on your team and see if you can provide a way that they can develop professionally and/or provide a career path. Once you’ve determined a course of action, share this with each person.
This shows that you’re looking out for their career and will provide incentive for them to grow to their potential. Don’t wait to do this until they have an offer from one of your competitors. Be proactive!
Contact The Doepker Group today to find out how we can help your organization!