The popular saying “less is more” takes on a whole different meaning when it comes to the business world. Small business owners face the challenges of calculating salaries and benefits for, most often, a small staff that handles the entire workload. Less employees are doing more work, yet small businesses cannot always afford to match its employees’ more when it comes to compensation.
Is there a solution?
Infographic World created an infographic for Bolt Insurance Agency called Business’ Big Balance Act: Small Business Salary and Compensation that offers tips for entrepreneurs on how to balance salary and compensation. It even suggests alternatives to the two.
- Benefits are key when attracting and retaining skilled workers.
- Benefits are expensive, but important.
- 40 percent of employees have seen their employee sponsored benefits reduced.
- When deciding what to pay for, employers should look at what they can afford, assess the market and gauge the demand among candidates.
- Offering part-time home-based work can save employers $10,000 per employee a year because it increases productivity, reduces facility costs, lowers absenteeism and declines turnover.
- Try alternative benefits such as on-site childcare, free parking and/or transportation reimbursement and on-site fitness facilities.
Check out the infographic for a visual on meeting skilled employees and compensation demands in the middle.