Salary, benefits & all else
With Vince Crew
Q. How do we compete with better compensation offerings from larger competitors coming into our market?
A. Compensation is salary, benefits AND everything else.
Salary: Pay your people the absolute most you can in base pay. Also consider extras based on attaining specific goals (product sales, service plans, product upgrades, etc.) or overall objectives (quarterly or year-end revenue or earnings).
Benefits: This is killing businesses as it gets larger each year. Increasing employee co-pays and higher deductibles are the most common ways of dealing with rising costs. Also consider 401Ks and employer-employee savings plans as an emphasis on employee responsibility in preparing long-term.
Salary and benefits are tough to compete on and you wï¿½ll always lose out to a larger firm. So that brings me to “everything else.” It’s the “everything else”that really separates the employers of choice from the pack.
This includes working environment, recognition programs, flexibility, standing in the community, etc. There are intangible things that bring loyalty and pride in associating with a business. Relationships with bosses, co-workers, and prompt and consistent responses to everyday employee situations are not direct dollar compensation but, they are treasured.
Think about the boss, coach or friend you would do anything for because of a relationship built on respect, trust, and honesty. The owner who instills these attributes in their operations will survive no matter the competition.
Vince Crew is a strategic growth advisor: Call 239-455-0816 or Vince@REACHdevelopment.com.