If you are running a home business, chances are that you chose to do so, not only in order to work from the confines of your own home, but to save up on unnecessary spending, in addition. This naturally means a lower budget and, therefore, less money for your employee wages. Compensation packages are there to help of course, but these usually promise more than they tend to deliver, comprising modest-at-best salaries and trivial things such as office darts and other make-believe motivational tools. In order to have top talent working by your side, without spending ridiculous amounts of money (that you probably don’t have), you should refer to the guidelines outlined further.
Compensations and Benefits
To contradict the introduction, benefits such as compensation packages are a tax-efficient way to increase an employee’s salary, while reducing your money spent on public transportation supplements, paid mobile phones, meals at work and health insurance.
If you neglect the costs of being at work and getting there (i.e. paid meals and public transportation), you are looking at bulking up you employee’s salaries, which will make your offer seem more lucrative to them, while it will dwindle your monetary loss significantly. This is not to say, however, that you are tricking them into working for you – more often than not, planning their own transportation, food and general benefits, is better for your employees. For example, if a worker turns out to be a vegan, who likes to bike to work, the public transportation and meal benefits are rendered useless, when it comes to them, causing financial loss for you and, in turn, a lower wage for them.
However, the other side of the coin here is laid out in the fact that you should never neglect the importance of training – if you replace all the mentioned benefits with paid training, not only are you creating a breed of more productive employees, but the sheer cost of these courses is a lot lower to that of the potentially useless benefits.
A Sense of Purpose
If an employee is simply working in order to get to that famous 5pm, when they are released from their proverbial prisons, chances are that their productivity will dwindle. If you give them a sense of purpose, however, well, that can turn out to be you biggest selling asset. This sense of purpose will undoubtedly add up to your business’s success.
On this note, it is quite difficult to run a business where everyone is able to do everything, but specialized in nothing in particular. Furthermore, if you give your employees a choice of different career paths, you are more likely to attract quality ones. Not only will this most likely motivate the young talent to think about experience and salary-based long-term benefits, but by doing this, you increase the chances that they will choose your home business, even if a conglomerate offers them a lucrative position. Remember, not everyone is looking for a huge pay, many people understand the importance of having a job they actually like.
Make Your Hours Flexible
No matter in what stage of development your home business is, you are probably looking at hiring young professionals. What’s great about this lot is the fact that they’re at their most productive, and they probably will stay this way for a long time to come. The downside, however, is always the flexibility, when you take their age into consideration, for obvious reasons. If you warn them adequately about the importance of meeting their deadlines, you are creating some wiggle room to allow an amount of flexibility in terms of working hours for them – something they will undoubtedly value deeply.
With all this in mind, make sure you understand the importance of feeling out your employees’ individual needs, especially due to the fact that it’s not as if you are running a large corporation. Do all this, and you’ll get nothing but respect and productivity from your subordinates.