By David Finkel
As a business coach, I have helped thousands of business owners grow and scale their companies. And one of the biggest things we look at when scaling, has to do with their labor and talent pool. If you have a solid team behind you, the chance for success is much higher.
But for many business owners, especially in a growth phase, finding the funds to compete for the most talented employees and win the largest “salary game” can be difficult. So, today I wanted to share with you some perks and benefits that you can offer prospective employees, without trying to win the “salary game.”
Disclaimer: Are you paying your people market rate? While you will never win with money, you need to be in the right neighborhood. If you aren’t paying in market range, you’ll risk higher turnover rate and the costs associated with that.
- Benefits: For many of your team, especially those who are more “security” conscious, the benefits you offer are actually worth more than a larger salary. Health insurance, life insurance, gym memberships etc all play into the true value of a position for a prospective employee.
- Great work environment: Do people like the atmosphere of your office? Do they feel good when they are at work? Do they feel valued? Is the company culture a positive one? All of these things come into play when an employee is reviewing offers.
- Flexibility of schedule/location: Where possible, can you let your team schedule work around family commitments? Or give them the ability to feel in control of their own calendar? Obviously, the job has to get done, and the nature of the work and your business will present some constraints, but within those constraints you have a lot of room to be flexible. Allowing your employees to work remotely, bring their pets or kids to work as needed are all factors to consider when making an offer. And generally speaking, flexibility cost you nothing!
- Vacation time/family leave: Let your team earn more vacation time based on performance. Whether it be by rewarding a team that came through on a big project with a four-day weekend, or giving a team member more vacation the longer they have been with the company. Giving them time to travel or spend time with family is often valued more than a bump in salary.
- Greater autonomy: This is a huge motivator for your team — letting them earn the freedom to self-manage and do things their way. After all, it’s likely one of the strongest drives that compelled you to start your own business to begin with, so why shouldn’t it be as compelling to your team? And this often goes hand in hand with the flexibility of schedule and location. If an employee does good work and creates value for your business, give them the freedom to do so on their own terms.
Share information and value their input: Bringing a team member “inside” by sharing key information is a clear signal that you value and trust them. On a lesser scale, even just sharing mundane information with your team on a regular basis can motivate employees by letting them be “in the know.” It’s a sign of respect. On the same token, it’s important that you listen to and value their input on items both large and small. When was the last time you asked for a team member’s opinion? Or sought their help with a thorny issue? Asking your team for input on how to solve problems or improve the company is a great way to engage your workforce. Just make sure you are serious and not simply paying lip service to their ideas. Your staff can smell insincerity a mile away.
David Finkel helped over 100,000 Maui Mastermind clients buy, build, and sell billions of dollars of business assets. An ex-Olympic-level athlete turned business multi-millionaire, David is an American success story. He is co-author of, SCALE: 7 Proven Principles to Grow Your Business and Get Your Life Back, and one of the nation’s most respected business thinkers. A Wall Street Journal and Business Week bestselling author of over 11 business and financial books, his how-to business and financial articles have appeared in over 6,500 periodicals across the United States. David is Founder and CEO of Maui Mastermind.