Competitive Compensation – It’s not Just About Money
Between several years of cost cutting, concerns about healthcare reform and hiring freezes or limited hiring budgets, many companies are still feeling the pinch of the recession. To top it all off, IT professionals are in demand, not hurting for work and—more than just about anyone—have their choice of where they want to use their talents. So how can you attract the IT employees you need at a competitive, but not outrageous, salary?
People rarely seek or accept new employment because of money alone. To attract, retain and motivate top talent, you have to consider your total compensation package—and be sure it has the features that people are seeking.
For example, here are ten elements that comprise a typical compensation package:
- Base Salary
- Annual/Quarterly Bonus
- Other bonus (e.g., for outstanding non-normal accomplishments)
- Stock options
- Stock units
- 401k contribution (pre-tax and Roth)
- Health insurance (medical, dental, vision)
- Life and accident Insurance
- Other Insurance (travel, legal)
- Perks (free food, internet services, gym memberships, cell phone and service, massages, company discounts, electric car chargers, university/ongoing education funding, etc.)
Let’s say you don’t give bonuses and aren’t quite ready to offer stock options or a 401(k). Know that health insurance is pretty much a must these days, and concentrate on the perks.
In addition to those listed above, you can make your job offers look very attractive if you let candidates know you offer options such as flexible scheduling or telecommuting, wellness programs and generous paid vacation time.
Some other inexpensive ideas:
- Become a member of a local credit union. It’s free to you and credit unions can often offer employees some benefits banks may not provide.
- Create a concierge environment. To help your employees save time and reduce stress, find local vendors such as dry cleaners and car washers who will come to your office for service, pickup or delivery.
- Provide an on-site game room. Employees can use this as a way to blow off steam or unblock their creativity.
When you want to attract, motivate and satisfy employees, you have to think outside the box—the cashbox! Money isn’t everything to everyone. You’ll make your company appealing to employees in all areas if you offer them more than the competition. If you are looking for assistance recruiting top technology candidates in Virginia, contact the recruiting team at Triumph Services!
