Other Ways to Compensate Employees Beyond Base Pay
Depending on the types of jobs they perform, there might be certain additional or alternative ways to compensate your employees. These can go beyond the basics and include employee appreciation as well as employee awards and recognition. Employee incentives can come in various forms, including commissions and bonuses. You can tailor them to your situation. What would work best for your company? And what will be most effective for your employees?
Bonuses can be paid out based on individuals achieving personal performance goals or upon business milestones or achievements. You could create an effective employee incentive by paying employees a slightly lower salary plus performance-based bonuses.
Overtime pay might be necessary for hourly workers if you ask them to work beyond a 40-hour work week. Federal overtime provisions are in the Fair Labor Standards Act (FLSA) and are posted online. Although you might want to limit having to pay staff a 50% premium for overtime, it might be necessary, especially as your business grows and your staffing needs are in flux.