Salary and benefits are some of the things people consider to evaluate the credibility of companies. Successful brands capitalize on competitive packages to retain their staff and attract prospective applicants. They promote their compensation packages and benefits in a compelling original way as prospective candidates usually compares the salary and benefits with competitors.
This will result in being named as one of the top companies to work with if it is delivered well and this can go a long way. However, this can be tricky as companies tend to be competitive as the days go on but here are some tips that can help you in establishing an appealing salary that can attract high-quality talents to your business:
1. Offer Competitive Perks and Compensation
Minimum wage may vary and it’s best to check your labor laws regarding how to properly compensate your employees. Governments enacted labor laws to regulate issues that have something to do with employee compensation and benefits.
- Minimum Wage Structure: These are guidelines that companies rely on to figure out the acceptable daily, hourly, or monthly wage to compensate its workers. Businesses should ensure they either exceed or meet that minimum wage standard.
- Statutory Benefits: These are mandatory and required by law. It includes Social Security, unemployment compensation, and health insurance.
- Earned Leaves– This usually includes vacation leaves, sick leaves, emergency leaves, and optional holidays. An employee can encash their unused leaves throughout the year.
This can help you outline what perks you can add and how you will be able to offer competitive salaries. For instance, you can add transportation allowance and retirement plans as well. You should also consider the living standards of your prospect talent, cost of living, health insurance, basic commodities, and other factors. Businesses hoping to attract top talents should not only exceed these metrics but match their competitors’ offer.
You will be able to offer salaries that can help your employees survive the cost of living without breaking the bank. Having a competitive salary and perks will also send a statement to your employees and prospect applicants that you care for their welfare and valued by your organization.
2. Performance-Based Incentives
Performance-based incentives (PBI) can be appealing to a prospective applicant as it includes both monetary and non-monetary incentives, which can be added to the salary to encourage employees to achieve targets. Many would agree that motivated employees can be productive and are crucial for the success of a business, and offering them performance-based incentives can motivate them in a way that is offered based on the assessment of their progress in their field of work.
Performance-based incentives is highly associated in a positive way with commitment in the organization, trust in management and job satisfaction. However, this can backfire as well; employees might change their behavior towards those people who continually receive performance-based incentives; there will also be complaints about unfair pay, and some employees might exert themselves by overworking to fulfill the targets to be able to get an incentive. This will cause stress, serious health illnesses and might affect their overall well-being.
3. Training And Development
There are various reasons why training and development is done. It is usually a part of a professional training program to help an employee to become more efficient in their role, and it is an introduction for the applicant to make them eligible in their role in the business or an organization.
Prospect applicants usually check what trainings a company offers. If it’s going to be beneficial for their professional growth. Training and development increases job satisfaction and morale of the company by making them know that there are still room for learning new things; this can also motivate them as well to become more productive. In return, innovation in products, services and strategies will increase.
Having an excellent training and development programs with evident results can persuade top talent to pursue your business or company and this will make them realize that the salary is appealing enough to consider taking the job opportunity.
Outlining reasonable salary policies is a reliable way for a business to attract high-quality talent, and this will show commitment to taking care of their employees, which is a significant factor for prospective applicants. Offering a competitive salary and benefits is one of the ways of making a difference. Making a list of what your business can do and will guaranty that a prospective applicant will glaze over your job openings, making them feel that they are valued in your organization, and this will make them decide to stay.