We are currently inundated with reports about how high the unemployment rate is; how new graduates can’t find jobs; how even skilled and experienced people have no luck finding positions.
You’d think just putting a hand lettered “Help Wanted” sign in the window would generate a long line of overqualified applicants. The fact is, the cream always rises.
The best and the brightest job applicants, those very ones that you want and need are always snapped up quickly.
So how can you become the one doing the snapping, when you can’t begin to match the big salaries offered by the rich local companies and the huge multinationals? Very easy. Just use your imagination. The very fact that, even in these dismal economic times, you are still in business, and in a position to hire new employees, means that you are very innovative, and fast on your feet in business.
In the 1980s, British Caledonian Airways had an advertising slogan which said “We never forget you have a choice” and that’s the exact attitude you must take to attract the very best new people.
Great business benefits you can offer when you can’t compete with higher salaries
How can you compete with big money? Here are a few thoughts that you can work with:
1) A four-day work week
Work longer for four days, get a three-day weekend, every weekend. That’s worth its weight in gold to many employees right there. If you can’t do that, try flex hours so people can set their own schedules to avoid traffic and fit in better with their family timetables.
2) Work from home
This is not only a very attractive alternative for employees, but can also save you a lot of money. You don’t need to expand your office space to accommodate new hires as your company expands. You don’t have to suffer from absenteeism or traffic and weather related tardiness. You don’t have to pay for employee parking or lounges or lunches.
3) Business prepaid cards
Business prepaid cards are stored value cards and are associated with big credit card companies like VISA, Mastercard or American Express. You can issue a card, for example the PEX VISA® prepaid card, to individual employees for use at millions of outlets, or only at vendors that are approved by the administrator of the master account. Business prepaid cards are rechargeable too, so, every month you can re-fund your employees’ individual cards.
Prepaid cards are the fastest growing sector in the financial industry today. It’s easy for you to keep track of business expenses and predict exact company outlays; employees like using prepaid cards because they no longer have to account for every little purchase, keep track of sales slips, or turn cards in to be reimbursed.
4) In-house day care, or day care reimbursements
As new mothers approach the end of paid maternity leave, they may find themselves facing a difficult decision. Staying home or returning to work may be driven by economics and personal career goals. By offering in-office or nearby day care, you can get their skills and experience working for you.
Clearly, there are several inexpensive ways of attracting the best professionals to work for you. Not all employees are motivated solely by their paycheck. By thinking outside the box you can gain an advantage over your competitors in offering perks that motivate and cultivate loyalty from your employees! No matter what you are going to offer, make sure it is complying with the US labor law. Learn more about Labor Law Compliance Center and its labor law posters to solve all of your legal posting requirements.
DDCP specializes in covering the latest news of interest to small business owners, including business prepaid cards.
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