Competing for Employees With Creative Compensation Competing for Employees With Creative Compensation Small businesses can attract and retain good personnel with compensation provisions that supplement straight salary. By 2010 there will be a labor shortage of more than 10 million workers. Over the past decade, employers have battled staffing issues that will become even more challenging. Pause for a minute and consider what s happening in the labor market. Not only is labor in short supply, today s employees are different.
Applicants are increasingly diverse.
And, in general, they expect a lot more than a fair day s pay from their employers. Below is a sampling of compensation-related strategies that creative employers are using to help attract and retain quality employees. If you choose to try one these approaches, remember that effective efforts do not stop with compensation. Although pay and benefits are important, the entire work experience contributes to an employee s decision to stay or leave. So consider these ideas in light of your corporate goals, your ability to commit the time and money required, and other work environment issues that need attention.