From the course: Human Resources: Compensation and Benefits
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What the evidence says
From the course: Human Resources: Compensation and Benefits
What the evidence says
- Small business owners worry about a number of things. Ensuring that they have sufficient capital to run their businesses, offering products or services that will appeal to customers, and providing the kinds of compensation and benefits packages that will appeal to the best candidates. As a small business owner thinking about this last issue, several questions pop into your head. The first is probably, how do we attract good prospects to join our company? And once they join, how do we retain them? High pay will attract and retain employees, but it's not just how much you pay, it's also how you pay that affects employees' decisions to join or to stay. For example, some high tech firms offer stock grants that pay out, say, 25% per year over a four-year period. Leave sooner than four years, you leave money on the table. Others offer stock options that will pay out big if a firm's product or service becomes commercially viable. Rewards beyond pay are also critical to your ability to…
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