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By Deborah Keary
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Deborah Keary is the Director of the Information Center at The Society for Human Resource Management (SHRM). Founded in 1948, SHRM currently represents more than 165,000 individual members in more than 120 countries. The Society is committed to advancing the human resource profession to ensure that HR is an essential and effective partner in developing and executing organizational strategy.
Q. I need to fill a managerial position but can't afford to pay the salary a big business can offer. How do I create a compensation package able to attract a top quality individual?
A. Money isn't everything, at least to many job seekers. Especially in the current labor market, you may find that candidates are willing to consider issues other than straight pay.
First, being a small employer could be a very big plus for you. You have the advantage of offering a more intimate work environment, where the staff can form close professional relationships. Also, working for a small company can be a lot more satisfying than being at a big firm, since employees are more easily able to see the difference their contributions make.
Second, total compensation includes a whole package of benefits, not just salary. For example, you might be able to offer a good health plan, more vacation days, or a generous sick leave policy. With a cafeteria plan, you can let employees trade some benefits for others and create a personal package of benefits just for them. Remember: A benefits package can have a value equal to about 35% of base salary--an attractive proposition to most candidates.
Third, a small company is more likely to have fewer policies and rules, and more opportunities to balance work and family life. That can include anything from the ability to work flexible schedules or compressed work weeks, to job sharing or telecommuting.
The bottom line: You don't need to pay the highest salaries to get the best workers. Instead, find out what kind of workplace candidates are looking for, and make sure you offer the best benefits and opportunities you can.
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