As a business owner, you know the importance of having good help. However, sometimes the business is not in a financial position to compensate them as much as other, bigger companies. When you are trying to keep good employees, or entice new ones to come join you, having a compensation consultant, like the ones at Fox Lawson & Associates, A Division of Gallagher Benefit Services Inc., look things over might be the best way to get the job done. Here are a few ways this professional can help.
Knowledgeable About the Industry
When you hire a consultant, he or she will already know what the average compensation packages are for employees in your industry. The consultant will also be aware of what a company of your size can afford, and how to package benefits that will be accepted by the employees and affordable to you. Some employees will want different benefits than others, and the consultant can take it all into consideration.
Impartial 3rd Person
Sometimes, employees think they deserve more than they actually do. As the business owner, it can be hard for them to accept your word on it. However, if a consultant comes in and explains to them that they only deserve so much in salary and so much in benefits, they are more likely to believe it and accept it. In addition, because the consultant is offering them some type of benefits to make up for the lack of pay, they remain content and will stay with you.
Understand Different Benefit Options and Packages
A professional compensation consultant knows the different types of benefits employees are looking for. He or she will look over your employee's demographics and know what you should be offering them. In addition, the consultant will know the best way to go about offering these benefits. For example, if a good portion of your employees have to pay day care expenses while at work, the consultant can help you to decide whether it would be better to have a day care on the premises, or to offer to pay a portion of the expense directly to an established center. You can then negotiate with the center to get a better price because of all the business you will be sending and the guaranteed payments.
Your benefit packages may be different for each level of employee you have, hourly workers may have to pay a portion of the cost of the package if they want things that are offered to management but not them. With the right compensations, you will have loyal employees for a long time. This will save you from having to train new people and all the expenses associated with it.