People do not work for free! Research suggests that people are also not motivated by money, that said its normally one thing that is taken into consideration when applying for a job, it just doesn’t motivate them to perform well. Essentially its the foot in the door. So as a business you need to work out how you are going to position the way you pay your employees. Similar to putting a price on a product. You need to think about if you are going to pay bottom, middle or top end, you will also need to consider how you are going to attract the right talent to your business. Once you have employees working there whether we like it or not, people will compare their pays. So if you don’t have systematic process or policy governing pay increases bonuses etc, this can lead to some very disengaged employees. Not only is pay important but so are the peripheral benefits of working within a company for example, discount programs, health and well being programs, on site parking, the location of your business, flexible working practices, buying additional annual leave, on site gym, cafeteria, childcare arrangements or school holiday programs, and the list goes on. Like a product strategy that meets the needs of your target market you need a compensation and benefits strategy to  attract and retain talent in your business. Here’s a couple of thought starters to attracting talent:

• Benchmarking the way you pay
• introduce a Bonus structure
• Encourage workplace flexibility
• The availability for employees to buy additional annual leave
• Have an employee discount program for your product or service, or family and friends discounting program
• Set up an employee benefit programs
• Introduce mental health days
• Gift your employees their birthdays off

Should you want further help setting up a Compensation and Benefits Strategy please contact Suzi@beyondmycircle.com