Compensation Is about More than Money

Posted May 19, 2015

With the economy continuing its recovery, it is becoming harder for companies to attract high-quality employees. The competition for the top talent in your location is probably growing fiercer. So should you offer candidates a higher salary in the hopes of securing their services?

When considering the right salary package to offer a great candidate, you need to understand that competitive compensation means more than simply an employee's salary. Other factors come into play to allow your organization to become the place where everybody wants to work. Let's take a closer look.

Make Sure Your Company Offers a Robust Benefits Package

The best employees want their company to offer a healthy benefits package, including health insurance with a significant employer contribution, generous vacation and PTO, as well as other perks like tuition reimbursement. That latter benefit is especially important for staff members who want to further their education with an advanced degree. Consider adding a clause stating the employee must stay at the company for at least one year after finishing their schooling.

Other financial benefits like life insurance, disability insurance, discounted dental coverage, and others need to be considered as well. Ultimately, employees should understand their value to your organization, and a healthy benefits package definitely helps.

An Opportunity for Professional Development and Growth

Creating a work environment that fosters professional development and gives your employees a chance to advance into management is another excellent form of "compensation." Ambitious and talented members of your staff need to know a position with your company isn't a dead-end job. Make it a point to promote from within as opposed to hiring managerial-level positions from external sources.

Failure to create a rewarding workplace makes it difficult to retain your best workers moving forward. This costs your company significant resources when it comes time to restart your hiring process to replace employees who leave for what they feel is a better opportunity for their career.

Build a Winning Corporate Culture

Ultimately, it is important to develop a corporate culture that makes your employees feel "compensated" when they come into work every day, and becomes the envy of the competition in your local area. Regularly hold fun activities both inside and outside the office. Reward your employees for successfully completing a project on time and under budget.

A day outing to a local amusement park or even an intra-company golf tournament helps to build teamwork amongst your staff. Allowing casual dress – if it is compatible with your company's business – is another great way to develop your corporate culture.

If you need additional advice on building a top-notch staff, talk to the knowledgeable professionals at Ambassador Personnel. As one of the top full-service staffing agencies in the nation, we can help your business succeed with a collection of high-quality candidates. Schedule some time with us as soon as possible!