We all know you need skilled and dedicated employees to build and grow your business. Attracting the right people is essential to positioning your company for growth and success, but establishing your company as a destination for top talent takes effort.
You've got to lead the competition on two fronts by: (1) offering an attractive compensation and benefits package, and (2) showcasing a corporate brand and culture that both excites and motivates candidates.
Here are 5 components to consider in your compensation and benefits package:
- Competitive salary
- Bonus or incentive compensation
- Health care and life insurance benefits
- Tax-saving retirement plans, like a 401(k) or Simple IRA plan
- Offering other types of benefits, such as childcare assistance or gym memberships. Here at HR360, we have "Free Lunch Fridays."
Another important consideration when making decisions regarding compensation is whether an employee is exempt or non-exempt under the federal Fair Labor Standards Act (also known as the FLSA). Non-exempt employees are entitled to certain protections, including minimum wage and overtime pay, under the FLSA. Be sure to comply with all federal and state laws regarding compensation and benefits.
For more tips on recruiting top talent, check out our section on Branding and Attracting Qualified Candidates.