Ensure Pay is Fair and Benefits are Enticing
Creating a rewarding work environment for potential employees is not just about providing a healthy paycheck. Rewards can also include having meaningful opportunities for recognition, the feeling of making a difference in the world, being a part of a successful team, and more.
All of that said, it is still critical that people are compensated fairly for their work, and receive benefits and perks that are both competitive and yes, even enticing, as a part of their experience with your company.
Benefits and Perks
At small companies in particular, you may not be able to provide expensive perks such as on-site daycares and gourmet cafeterias. However, with a little creativity, any company can bring a lot to the table by offering benefits that prospective employees will still find competitive.
Below are some perks and benefits that are highly valued by employees, and might be well within your company's reach:
- Foster productivity by allowing employees to BYOD (Bring Your Own Device).
- Encourage employees to give back via employer-paid volunteer days.
- Promote work/life balance through flexible work arrangements.
- Give tenured employees the gift of time with sabbaticals every few years.
- Support a family-friendly atmosphere by subsidizing childcare.
- Promote a healthier workforce by subsidizing gym memberships and stocking the lunch room with healthy snacks.
Key Benefits at the 2014 Best Small & Medium Workplaces (25-999 employees)
- 85%: Average paid healthcare coverage for employees
- 68%: Average paid healthcare coverage for dependents of employees
- 17: Average number of days off given to employees after one year of employment (includes holiday, vacation, PTO, and sick days)
- 36 of the 50 Best offer flexible schedule options
The Question of Pay
One of the criteria for being considered a great workplace is a commonly-held belief among employees that they are paid fairly for the work they do. And while it is important for pay to be fair and within industry norms, this year compensation at the 50 Best Small & Medium Workplaces—who are, as a group, attracting talent at 12x the rate of the average U.S. company—hovers closer to the mid-range than to the top of the range in their respective industries.
Of the 50 Best Small & Medium Workplaces who reported their industry compensation band this year:
- 5% pay in the 25-49 percentile
- 43% pay in the 50-74 percentile
- 14% pay in the 75+ percentile
- 38% do not track pay according to the industry compensation band
Make your investment in fair pay and enticing benefits packages work for you by showcasing them to job-seekers. Consider Centro, one of the Best Workplaces this year, who is experiencing tremendous growth. Centro features their total rewards package publically on their website, which includes noteworthy offers such as competitive base pay, free onsite yoga, 10 "Ferris Bueller" personal days, monthly happy hours, tuition reimbursement, and much, much more.
So, don't be shy to show the world what you have to offer. It just may be what brings your next great candidate calling.
Download our latest Attracting Talent Whitepaper for more great practices and tips for attracting and retaining talent.