When recruiting great staff in a tight market, bear in mind it’s not always about the money! Sometimes non-monetary benefits can have a disproportional impact on staff choosing to join your team. The reality is that most of us live to our income. Extra salary tends to go towards extra expenses like the mortgage, new whiteware, car repairs, insurance, school fees, etc. Rarely does it directly benefit the recipient.
Yes, a competitive income is very important but what else is important to your candidate?
It might be a car park, annual bus, train or ferry pass a subsidy on additional study flexible hours or the ability to work from home one day a week.
It might be something more creative. Ideas could be things such as, baby-sitting fees for a date night with their partner once a month, a DCIT day (don’t come in tomorrow) on their birthday, a funded short break holiday, a clothing allowance, or their favourite magazine delivered to their home every month.
Team rewards can also produce great results. Most people want to belong, to feel successful and to feel appreciated. Participating in a local area or industry business award can be an excellent way to bring your people together working towards a common goal. A fun monthly sales incentive, an employee of the month scheme, or something more substantial like an overseas conference if the budget is exceeded, can produce amazing results.
So next time you are looking to secure a great hire, or have issues around internal relativity, become creative and look at what may really motivate your employees and be appreciated by your team. The perceived benefit to the recipient may far outweigh the actual cost to you as the employer.