Therefore, you should consider a combination of options to attract and retain key employees.ĭo not underestimate the value of the advantages or perquisites that your company has to offer that may not be readily available in larger companies-opportunities for interesting work, lack of hierarchy, flexible environment, and so on. As a startup, you may not be able to compete with large companies on salary. Your compensation strategy must be structured to best meet your unique business circumstances. The compensation strategy must be affordable, structured, and reasonably competitive. Compensation strategyĭefining a compensation strategy is an important activity for all companies, including startups. Total compensation includes cash rewards as well as any other company benefits. It may include base salary, wages, incentives and/or commission. In startups, incentives (bonuses, profit sharing, stock options) are the strongest drivers to attract/retain top employees.Ĭompensation describes the cash rewards paid to employees in exchange for the services they provide.
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