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Thursday, March 24, 2011

Alternative Methods of Compensation | OPTIMIZING YOUR ORGANIZATION

Optimizing Your Organization with Jason Buchanan

“Can I have a raise?” For any manager, these five little words can be the most anxiety producing they hear; setting into motion a chain of thoughts from “I can’t afford to give them raises” followed closely by “I can’t afford to lose them.” In this current economic climate, attracting and retaining good employees is more difficult than ever. Good leaders find ways to keep good employees while the not so good leaders answer the first question of a raise with “Be happy you have a job!”

This subject of alternative methods of compensation will be the focus of the next few articles highlighting ways to not only keep the talent you have, but to hopefully attract new talent as your business growth begins to expand. Oh, and as for the not so good manager…we’re not done with them yet!

Smaller employers, often have a harder time absorbing the cost of pay raises and benefits than large corporations do. At the same time, a growing number of people punch their time cards at small businesses. Today, some 57.4 million small businesses have less than 15 employees. The hidden cost of employee turnover is also a factor many small businesses fail to recognize. Recruiting costs can range anywhere from $3,000 - $5,000. Training the new employee is approximately $2,500, and there’s the “hidden costs” – or the value added by the employee – of decreased productivity of the new employee (as they learn the new job), decreased morale of other employees who may have lost a friend in the recently departed employee, and an increase in the production responsibilities of the other workers while the “new guy” learns the ropes.

The road to compensation recovery begins with a shift in the compensation mind-set. Instead of asking yourself “what do I have to pay to get this person?” ask instead “what do I want my compensation package to say?” If, for example, you provide onsite child care and health benefits, that says you value family. Longevity raises (or a onetime bonus in tight times) says that you value employees who stay with the company. If you are a seasonal business, as many here in Maine are, throwing a party for the staff and their families at the end of the season shows that you appreciate your employees going the extra mile.

Remember this; it will be the theme so to speak of the next few articles that really “drill down” to the specifics of the issues surrounding alternate methods of compensation: for employees, compensation is not necessarily about how they are paid but ultimately compensation says how they are valued!

For more information, please visit Jason's TNNWC Bio.

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