Good companies do their best to ensure that their employees are compensated fairly and to the fullest. This may require a nuanced approach that goes beyond simple wage negotiations to encompass a broader compensation strategy. Below are some common options offered by employers to offset lower-than-expected wages.
1. Enhanced benefits: Companies can offer more comprehensive benefits in exchange for significantly higher base salaries. Health insurance, retirement plans, mental health support, and increased paid time off are all viable options available to employers.
2. Performance bonus: By tying a portion of their compensation to company performance, you can motivate employees and align their own goals with the company’s goals. This allows businesses to pay only when they can afford to, while ensuring employees receive competitive wages.
3. Flexible working arrangements: One of the most common post-COVID-19 work perks added to compensation packages around the world is remote or hybrid working environments. Many people value a hybrid or remote environment over a small salary increase. This is a great option because it costs the employer nothing and helps small businesses compete for top talent with larger organizations that can afford to pay more.
4. Professional development: Investing in employee development is a great way to increase your overall compensation package without paying directly into your salary. Professional development opportunities should be viewed as an investment in your company, not a cost. Not only will it improve your employees’ skill sets and increase your organization’s revenue, but it will also increase employee loyalty.
