3 Ways to Save on Employee Salaries
Starting your own company can be a daunting task. Thinking about the expenses can be the most overwhelming part. Hiring employees can be one of the most expensive hurdles that you will have to overcome as a new business owner. But, you are in luck! There are alternatives to traditional hiring that can help you get that start up going. The options include outsourcing, internships, compensation plans or any combination of the three.
As a start up, hiring your first employee is a monumental hurdle. Not only is finding the right person a difficult task, but an employee’s salary could be your largest monthly expense. The National Association of Colleges and Employers released its annual summer salary survey this week. The report revealed that the starting salary for recent college grads has gone up by more than $2,300 per year. (Read details in the Puget Sound Business Journal.)
3 Ways Save on Employee Salaries
1. Outsource The Work: Outsourcing has become a very popular way to get things done on the cheap. Sites like O-desk and Elance, have made outsourcing work very simple and easy to monitor. The only work that you have to do is coming up with clear instructions for what you want done and then hiring the applicant that seems the most promising. Both sites take out most of the guess work for you by rating the applicants, monitoring the work being done and handling the payments.
2. Offer Internships: I’ve always been a big fan of win-wins and internships offer just that. Intern programs are a great way to get a lot of work completed in a short amount of time. Interns will need a bit of training on your company culture and products, but it can often be worth the time spent. Most interns will be grateful to be getting some real world experience and many will also receive college credit for the position.
3. Competitive Compensation Plans: If an employee is looking for a higher salary and is at all involved in the sales of the business, offer him or her a better compensation package. This way, you are only paying the employee more if he or she preforms well. Most employees will see this as a fair trade and will work hard to achieve their financial goals.