Hiring new staff has become challenging and knowing how to compete for talent is essential. Although money is still a dominant push for candidates, it is important to realize that people don’t come to work just for money.
Based on your budget and talent needs, you may not be able to offer the bigger salaries that help you win the talent war. However, there are alternative ways to invest in talent which will not lead to steadily increasing costs as a salary does. Here are three suggestions that might work for you:
1. Flexibility – Whether in the start or end time of the workday, a compressed work week, or the offer to work from home at times, these are all valued emoluments worth considering.
2. Fringe benefits – There are many creative and popular benefits that are available at a small cost. For instance, subsidies for public transit, extra uniforms included on the company, meal services at work or delivered to the household, free or discounted laundry/dry cleaning, popular gym or lifestyle club memberships or discounts.
3. Job sharing or part time work – Offering part time or job-sharing options can give you more choice in talent and might attract very good candidates who wouldn’t otherwise be interested.
