How to Address the Challenge of Workforce Compensation
It’s common for a manager, or business owner, to think, “hey you’re employed, be grateful,” right? So why the hostility toward a higher living wage? Let’s delve deeper shall we?
Well first off, if a nation and its industries are feeling the workforce shortage crunch, there is a common denominator for that nation or industry that must present itself. In a capitalistic society all citizens want to not only have a comfortable life, but a secure life.
Because of the increasing rise in staff shortages and high turnover rates, the workforce market should be telling business owners, and managers, that there is not only the feeling of insecurity about the future, but a feeling of neglect by those who have the power to provide a quality life style for the working population. As the stresses of day-to-day cost-of-living tends to increase, the harder it is to maintain commercial production at the average wage. Today, more is expected as the cost-of-living continues to rise for leading countries, and municipalities. If the cost-of-living rises, would it be safe to say the working wage should rise as well?
If wages cannot rise let’s look at an alternative, and there are a lot more alternatives, that will set your company apart from the rest, or at least make talent think twice before leaving your company.
This is a new, unpredictable concept in today’s traditional job market. But, desperate times call for desperate measures. Can the employer, and employee come up with working arrangements that’s a win-win for both parties? That’s a question only the employer can decide.
Sit down with your top managers, and discuss how you can meet the needs of your staff, or at least meet staff halfway. Your attempt to provide compensation solutions for your staff well let your staff know that you’re thinking about them, and this alone will help increase staff loyalty, and productivity.
Looking to get the most from your employees while saving money? Here’s some win-win options:
Allow staff to work remotely
Allow employees to start, and stop, their day when they need to
Allow employees to work 30-35 hours a week, or less
Hire employees for project specific assignments
There are solutions and challenges in everything. Even in the solutions above. These solutions are suggestions designed to help you step outside the box to see how far an employer may have to go to decrease its workforce shortage challenges. Talk with your management team, and put together a plan. You’ll be more than happy with the results in the long run.
About the Author
Danavan Hylton is an economic developer looking to improve the social
well-being for diverse community resident in the areas of politics, commerce, and culture. Danavan is also the founder, and CEO, of Hylton Elite Marketing Agency, a full-service sales and marketing firm delivering recruiting, retention, and community relations services to employers, workforce development organizations, business chambers, nonprofit organizations, and government agencies. www.e1connect.com