Our past two posts have talked about Communication versus Human Resource issues and In House versus Contracting out Human Resources and Safety. To add to these paint points for small businesses is Compensation versus Remuneration. Small businesses, especially in the start-up phase, find it a daunting exercise to keep up with the compensation practices of their big box competitors. Compensation budgets may be tight and then there are the additional costs of benefit(s), which small businesses often feel obligated to offer to stay competitive. What some small businesses forget is that gone are the days of streamlined remuneration packages comprised of vacation, salary, bonuses and benefits. Today, employers can get creative to attract and retain valuable employees by asking the question where is my value? For some businesses this may mean an attractive job title, flex-time, remote office locations or work from home alternatives, and mentor opportunities just to name a few.
Contact HR pros if you require assistance with the development of a compensation strategy. Service is confidential.
Up next in our six part series: Safety and Protection. Image credit goes to: FreeDigitalPhotos.net