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Posted on May 30th 2019
What to Do When You Can’t Compete on Salary
Losing talent to companies with bigger salary budgets is no new problem for employers. However, with the spike in demand for a variety of technical roles, it feels like the problem is growing and the gaps in wages between big and small businesses are getting wider and wider.
How does a small business compete with the financial strength of giant competitors?
Big businesses have red tape that smaller ones often operate without. Small businesses’ ability to think, act, operate, and entice through creative means is a significant competitive advantage.
If matching a $20,000 difference in salary isn’t an option, that doesn’t mean there aren’t any others on the table. While economic reward is still an enormous factor in employment decisions, today’s younger workforce is proving to be motivated by other factors almost as much.
Workplace relationships, company culture, freedom, autonomy, responsibility, leadership style, and the internal, product, and social impact of their work are also big considerations.
The desire and willingness to take positions based solely on money is dwindling quickly. Younger generations are looking for quality of work that supports quality of life, giving small businesses an opportunity to stack employment offers with creative benefits many bigger competitors can’t match.
When competitors’ dollars come poaching, what will you pull from your arsenal?