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How to Attract Top Talent at Less Than Top Dollar

While most job-seekers want a stellar salary and compensation, it’s not the top reason why most people choose one job over another–and it’s certainly not what makes them stay. That’s great news for smaller companies that can’t afford to pay the big bucks. But what can you do to stay competitive?

Are you paying market value?

A competitive salary analysis can help you learn where you fit with the rest of the market. Even simple searches on Glassdoor, PayScale, or Salary.com can set you in the right direction. Better still? Survey the local and regional business communities about their compensation packages. By knowing what’s around you, you’ll be prepared to answer questions about why you pay these rates, how raises are determined, and what else is included in an employee’s total compensation package. Clearly define your pay scales and don’t be afraid to share them.

What is your total compensation?

If you’re falling short on the pay scale, what does your company offer in the way of benefits and recognition programs? What could it improve, including vacation time, flexible schedules, training opportunities, tuition reimbursement, and health and wellness benefits, to become more competitive in total compensation?

Don’t forget the intangibles!

Most employees don’t leave a job because they feel underpaid, they leave because they feel underappreciated. So when you’re attracting talent, remember—and flaunt—the intangibles that make your company a great place to work. Is your culture one of appreciation and fun? What about your company’s mission and values? How are the opportunities for advancement? If employee satisfaction runs high and turnover runs low, share this with your candidates. That’s what’s going to be most important in the long run.

Everyone wants to feel fairly compensated, and with the right attitude, awareness, and total compensation strategy, you can make that happen even if you can’t pay the best salary.

Take a look at this real-life YES! Your Human Resources Solution approach to compensation strategy and rollout:

The incentive compensation at a health services company was becoming more of an entitlement than a motivator. None of the numerous compensation plans were driving the desired results.

YES! Solution: Met with senior management to understand the current compensation plans and the company’s near-term and long-term goals. Realigned the incentive compensation structure by reducing the number of programs, while introducing metrics to measure achievements and simplify the calculations. Proposed recommendations and drafted a communication plan for the rollout.

When you’re ready to harness the power of saying YES!, contact us for a free consultation!

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