Could $5,000 convince you to move to West Lafayette? The Indiana city hopes the stipend combined with discounts will lure remote workers to relocate.
West Lafayette isn’t the only place getting in on the game. Other cities have incentive programs too.
It’s a creative mindset more companies should use in their hiring strategies.
There will always be a company that can pay a higher salary than you – but you can still access the best of the best if you creatively add to your compensation package.
12 Ways to Get Creative with Compensation and Hiring Strategies
1. Offer remote and flexible work
A higher salary still earns the top spot in most surveys asking employees what they want.
There’s an exception
The combined power of remote and flex work can knock pay out of the top slot.
If you’re serious about finding the best talent possible, let employees work outside the office and don’t create an environment that shackles them to a desk (in-office or at their home) from 9 and 5.
2. Create an employee technology budget
Even if you aren’t fully remote, chances are your employees don’t spend every day in the office – meaning they need equipment to work from home. Provide laptops or offer to cover costs for equipment employees purchase on their own.
Whatever you do, formalize the program and create an annual limit per employee before you roll it out to keep costs under control.
3. Design a wellness package
Encourage healthy habits and better work-life balance with a wellness package that helps employees pay for:
- Gym memberships
- Streaming fitness services
- Workout and/or mental health apps
4. Pay for streaming services
After a hard day at work, sometimes people would rather hit the couch than the gym. Pay for a year’s worth of an entertainment service – like Netflix or Spotify.
5. Level up your PTO and holiday policy
Wellness packages and entertainment stipends can only do so much. To really unplug, people need to be able to take a week off.
Start everyone with a generous amount of vacation days
10 days of PTO is the nationwide average in the U.S. so if you want to attract top talent, offer more.
Let people select which holidays they want to celebrate
It’s a small gesture that shows you recognize not everyone observes the same traditions.
6. Build professional networks
Even remote workers want to get out and meet people once the workday ends.
If everyone in your company is nearby, get a membership to the Chamber of Commerce so employees can attend events.
For remote workers in different cities, create a program where you help cover the costs of an individual membership.
Bonus for you: Whoever your employees meet could turn into new business opportunities for you.
7. Help with caregiving costs
An estimated 1 million women dropped out of the workforce during Covid. Many took on caregiver roles that prevented them from returning to their jobs.
Men, too, can be in caregiving roles or have partners who are. According to the U.S. Chamber, after Covid:
- 58% of parents reported they could not find childcare, and
- 26% said they could not afford childcare
But it’s not just childcare
Taking care of elder family members and dependents also prevents people from working. When you offer money to defer these costs you help bring people back to the workforce.
8. Tackle their household to-do list
Few people relish doing chores. Give people more free time outside the office with a set budget per employee for meal delivery, laundry services or house cleaning.
9. Offer professional development opportunities
Professional development programs increase employee retention and make people better at their jobs.
Your options range from formal courses at a university to conferences and webinars, making this an affordable way to enhance an employee’s compensation package.
10. Reward employees who hit goals
Performance-based bonuses appeal to driven candidates. They know they can hit their numbers and will put in the effort to reach the metrics you set.
11. Get passes and gift cards for local experiences
Support local communities and get passes or gift cards people can use at local attractions like event venues, restaurants, museums or amusement parks.
12. Reimburse commutes
For employees who come into the office, the cost of getting there can cause a major dent in their wallets.
Create a program to subsidize the cost of public transit or gas.
Beyond Compensation: How to Find Top Talent
With the rise of remote work, your talent can live anywhere. ProActivate helps you find and hire talent everywhere.
When you partner with us, your talent manager will find working and winning candidates for your position.
Call us and tell us about the A-player you want to add to your team.
We’ll go out and find them.