Compensating Your Employees: Fair Pay and Other Ideas

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When you ask someone what they want from a job, they will likely give you a range of answers from personal fulfillment to flexible hours. But even though we may not discuss our desire for higher pay, it is almost always one of the reasons that people choose to move on.

Getting pay right is significant for you and your employees. You need to be able to tempt them to come and work for you by beating what your competitors offer. But, you also need to make sure that the number you give is affordable for your business in the long term. Furthermore, you need to make sure that there is never any doubt that your employees will be paid. Nothing stresses people out more than not knowing when or even if they will be paid!  

Make Payroll Easy For Yourself

Paying your employees each month doesn’t have to be a marathon of invoices and you should make it as easy on yourself as possible. Startup companies often have numerous freelancers supporting them which can make managing your finances more complex as payments fluctuate.

Using a service like Cloudpay is a good idea as you can pay employees around the world and offers an automated process. The more complex your payroll needs are, the more important it is to seek help.

Be Fair With Your Offer

In recent years, equal pay has become a battleground. While surely no-one disputes that people should not be paid differently because of their race, gender or any other socio-economic variables, working out what actually is equal pay is more complex than it might seem.

As an employer, you need to consider what you believe to be fair. While job title is often used to decide pay brackets in larger companies, as a smaller business, you can take a much more nuanced approach if you wish. Just make sure that whatever you do, your staff feel that their pay is fair and that they have ample opportunities to take on more responsibility and boost their paycheck.

Make Pay Part of a Package

Pay is, obviously, a major factor at work but it is not the only thing employees want. This is good for small and startup businesses where funding may not stretch to a fabulous salary. Instead of assuming that more pay means better retention and happier staff, a healthier approach is to consider other ways to compensate your staff using a packaged deal approach.

The more creative you can be with your employee benefits packages, the better. Employees aren’t just looking for advantages like dental, they are also looking for more unique perks. For example, bringing pets to work can boost morale and having a pooch padding around the office makes most people happy. You might also consider other ideas like negotiating discounts for your staff at other local businesses, giving them flexitime and buying them lunch once a week.

Compensating your employees well isn’t just about competitive pay, it is also about the benefits you can give. Consider the sort of rewards your employees would like most and aim for those first.