Posted: March 22nd, 2023
Imagine if you were an HR professional trying to hire for a position, but your company’s budget only allows for a yearly salary that is $7,000 less than the average salary for that position in your area. If all you can offer is that salary, then you run the risk that the more qualified candidates will accept work elsewhere and you will need to offer a less qualified candidate for the job. This is when nontraditional strategies can be an important tool for HR. For example, one person may be willing to accept the lower wage because the job provides a company vehicle, while another may do so for the ability to work remotely. Everyone will likely value one perk over another, so it is important for HR professionals to know in advance what their companies can offer in order to ensure the best people can join the team.
In this Discussion, you will examine various compensation strategies that companies offer and identify a nontraditional compensation method in order to demonstrate its appeal and value.
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