How Much Should You Pay Employees? (Part 3)
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How Much Should You Pay Employees? (Part 3)

Uncategorized Jul 29, 2020

In parts one and two of this series, we’ve already discussed how you need to make sure your comp plans include freedom & autonomy, and have every dollar linked to purpose. That’s a real world impact on someone in your community.

This final tip will help you attract and retain the best performing employees, in addition to keeping them happy and motivated at work. The secret: flexibility.

Add some flexibility in your pay. Statistics are telling is over and over again, graduates of highly specialized degrees are willing to take large (up to 25%) pay cuts, if they’re given flexibility.

Flexibility in your comp plan can take all kinds of forms. It could be as simple as remote work; providing your team the resources to work from the office, or from home, or on the road in a coffee shop.

While remote work might not be best for every business, you can take a look at your daily schedule for every employee. How regimented are your lunch hours, or breaks? Can your employees take breaks whenever they want, at their own discretion?

How about the number of days your team works in a week? We’ve previously covered in another series how valuable establishing a four day work week is to both productivity and employee retention.

This Week’s Take Away

Flexibility can be a huge advantage for your employees, in how they work, when they work, and where they work.

This week, try to find just one of these areas where you can add some flexibility for your team. More than just identifying where you can increase flexibility, you need to act on it. Provide support and the resources necessary to make it easy for your workers to act on it.

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