22 Creative Compensation Ideas

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Image: Payscale.com

There has been quite a debate on whether to increase the minimum wages. The Federal minimum wage is $7.25 an hour although each state and city may have their own wage provisions in place. In fact in places like San Diego minimum wage will be $13.00 (2017) and hour and in Seattle, $15.00 an hour.

Image: Payscale.com
Image: Payscale.com

As a business owner, while you may be paying your staff more, it can sometimes be a financial challenge to give staff a yearly raise. According to various sources, the pay raise increase on the average is said to be 3% in 2015.

If you are staff and think that a yearly raise is a given, think again. The days of the annual raises just might be over as  employers are thinking of other options. In fact, A survey by the Society For Human Resources found that 35% of companies increased spending on benefits.

It puts all in a bind, employers don’t want good staff to leave, replacing them can be an expensive cost of up to 150% of the salary. Many employees don’t want to leave, a raise is not just a sign of appreciation, it is a sign of worth.

What else can you do to creatively reward staff instead of a raise?

  1. Bonuses or Incentive Pay that can be tied into performance.
  2. Health Care
  3. Life Insurance
  4. Time Off
  5. Parking
  6. Gym memberships
  7. Commuting rewards, Freeway Fast Tracs (paid toll roads)
  8. Flexible scheduling
  9. Extra Paid Time Off- Going home an hour earlier for a week, Adding on an extra holiday or a Monday, Friday.
  10. More Vacation time
  11. Education and Trade Shows
  12. 401 K’s or Retirement plans.
  13. Expanded maternity leave
  14. Gift Cards
  15. Spa Days
  16. Pet Health Insurance
  17. Tickets To Events
  18. Child Care Subsidies
  19. Recognition, Give monthly rewards.
  20. Paid Volunteer Time or Send on a Mission Trip
  21. Paid Sleep Clinic or Sleep experts if they have insomnia.
  22. Give the employee an option to request their own perk.

 

 

Claire Goldsmith MidPage