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Compensation Budgeting

Budgeting is always a hot topic when it comes to employee benefits, which can sometimes lead to recruiters feeling as if their budget is stretched too thin to cover everything that is wanted in the workplace. But, it doesn’t need to be like that – here are some simple tricks to making the most out of a tight budget:

  • Offer competitive non-salary benefits. Make up for a lack of monetary incentives with benefits catered towards the employee’s needs. Offering childcare support, flexible schedules, office space, remote working opportunities and other chances for employees to feel valued is a great alternative that does not require salary-impacted benefits – rather, focus on employee work-life balance.
  • Focus on what’s important. There are items that can be considered “must-haves” that will make a huge difference in the day-to-day work life. Prioritizing items that are “must-haves” versus the “nice-to-haves.” Do this by ensuring the expenses are worth every penny.
  • Forecast – it’s vital to a healthy workplace budget. Keep in mind that staffing will change in the next year whether you see it coming or not. It is important to plan for these changes and leave a bit of budgetary room available to account for those changes, especially considering employee compensation.
  • Understand that you will not always be right. Whatever compensation package is offered, it is never going to be the best thing for every employee, and that is okay. Realize the biggest factors that will lead to company and employee success. One of the best ways to show appreciation for employees is fair compensation, so focus your attention on the benefits that will make the biggest impact for the largest number of employees.

 

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