Three Compensation Strategy Tips To Help With Business Growth Planning

One of the biggest growth struggles for small businesses is recruiting and retaining top talent. An unpredictable workforce can make business growth planning particularly difficult. If you want to not only develop a growth plan but actually see your company through it, you should think about your compensation strategy. Whether you don’t really have one or yours is simplistic, redesigning it may bring new life to your staff recruitment and retention through your period of growth. Here are three tips to help you overhaul your compensation strategy today.

Build Performance-Based Bonuses

Designing a performance-based bonus structure that’s a part of your compensation strategy shows your employees that you’re willing and eager to reward hard work. It sets them up for success and encourages them to strive for better, which reflects well on your business as a whole.

Consider setting up quarterly reviews with goal-setting and target establishment for each employee. That way, they clearly understand the expectations and you have a better chance of seeing the success that you want. The more encouraged your staff is, the more likely they are to go the extra mile for your customers, which helps to foster business growth.

Prioritize Work-Life Balance

With so many incoming applicants looking to balance their business and family lives, putting a focus on this in your compensation strategy can help you to recruit the talent you need to grow your business. Offering things like flexible work schedules, home-office support, and paid family leave will help to show your support for family. Sometimes, benefits like these are the deciding factor when a candidate is choosing between multiple job offers.

Promote Continuing Education

Another benefit that can often draw top talent is company-paid continuing education. When you invest in your employees and help them to better their skills, you foster company loyalty and show them that they matter to you. Find an organization in your area that offers industry classes and negotiate a contract with them to help you save on the cost of the classes. As an upside, keeping your employees on the cutting edge of the industry will also help to improve your company operations, encouraging even more growth.

Remember, running a business successfully does not need to be complicated.  Keep it simple!

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