It can be incredibly difficult to get the team you want and need to help get your small business off the ground when you don’t have much money for compensation. When money is tight, you have little brand awareness, and your business hasn’t yet proven itself in your industry, it can be a struggle to attract, recruit, and retain top talent.
Compensation specialists can help you build a total compensation strategy that will reduce costs and help you get the passionate and innovative team members you need to get your small business moving forward and building traction.
Here’s how you’ll benefit from engaging a compensation specialist.
Make Better Decisions
As an entrepreneur, you may be an expert at what you do. You may be an innovator. You might have great business ideas. However, you may not be all that well-versed in compensation. When hiring employees, you can quickly become overwhelmed by the decisions that you will need to be make in regards to salaries, benefits, and rewards.
Compensation specialists will offer expert advice to help you make informed decisions and maximize your return on compensation. They’ll help ensure you and your employees have visibility to total compensation. Plus, their compensation management solution will evolve with your business needs. You’ll get the advice you need to be able to relate to your employees and anticipate and support all total compensation related needs.
Overcome the Risk/Reward Challenge
The way a small business compensates its employees can vary widely from a large conglomerate. You have the added challenge of adjusting the risk/reward for new employees. How can you get top talent to bet on a relatively unknown company? How can you get talent to take a leap of faith on your business?
Compensation specialists will know of all the best compensation options that can help you effectively overcome this challenge.
You may be thinking that you can easily overcome the risk/reward challenge by simply offering a higher salary than your competitors. Though this could work for your new employees, it may be detrimental to your business. You have a tight budget, and offering a higher salary might not be viable.
Compensation specialists can help you think outside of the box and come up with low-cost yet innovative perks and benefits to offer in your total compensation package that will allow you to improve your employer brand and attract talented candidates.
Perhaps offering shares in your company makes more sense than offering more cash. Perhaps a deferred cash bonus is a better option. Compensation specialists will work with you to ensure that your total compensation package is holistic and valuable, while ensuring that it works within your budget.
Another vital component of compensation that specialists can help you with is compliance. When it comes to wages and benefits, there are many regulations that your company will need to abide by. Otherwise, you could put your company at risk of noncompliance, which could lead to fines, penalties, and other consequences.
Compensation specialists can help you manage compliance by providing visibility so you can ensure that all decisions you make are in line with the relevant laws, policies, and procedures.
Hiring and retaining top employees is critical to the viability of your small business. And compensation decisions will significantly affect the quality of the employees you attract and retain. Don’t leave anything to chance. Engage compensation specialists to ensure you’re creating a cost-effective and valuable compensation package for your workforce.