3 Ways Small Companies Can Compete With Their Larger Counterparts To Retain Talent
If you are a start-up or a small business with only a few employees, it can be difficult to offer a compensation package to your employees that can compete with the compensation that a large company can offer. Larger companies often have more liquid resources so they can offer higher salaries and more employee perks. However, smaller companies may not be able to offer the market-value salary for the employees they want to attract or offer in-house perks until the company grows. If you are a small business, how can you attract and retain talented employees?
Join an Employee Perks Program
Employee perks programs are often offered by a third party. You pay a subscription fee for your company and/or individual employees and your employees can access benefits such as discounts on auto services, free digital subscriptions, or discounted gym memberships. While you may not be able to buy your employee a company car or build a gym in your office, you can offer them benefits that make their life easier and more interesting.
These perk programs work by joining several companies together and negotiating deals with local and national businesses to offer members a discount.
Although many large companies are starting to recognize the importance of work-life integration and offer things such as flexible work hours or work-from-home options to employees, the execution of such programs is often easier in a smaller company. As a company with few employees, it is easier to keep track of your employees and arrange conference calls if you have one or two employees out of the office.
You should take advantage of your size and offer as much flexibility and employee control as possible.
Consider Stock Options
Stock options are a form of delayed gratification for employees. Generally, they involve the option for employees to purchase a limited number of stock options each year that they are employed with you. As long as your business is growing and prospering, it makes sense with an employee to stay with you to see their share of the business continue to increase. Many of these options require a year or more of employment before they begin.
Although it may be difficult for a smaller company to attract and retain a talented employee, by using your size to your advantage and joining together with other small companies to offer employee perks, you can entice top talent to stay with you.
For an employee perks program, contact a company such as Perks Express.