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Tuesday, February 27, 2007

What do you compensate your employees with ?

So what do you pay your employees and why should they work for you ?


I had a think about this last night, what would attract me to a company, or what am I looking for in my next job with regards to package....it is a question that needs to be asked in a start up, how do you attract and retain the best ? Pay market rate or better, Stock options, Pension, Private health care ...these are all good...even get a discounted gym membership for the company...but the key think for attraction and retention is word of mouth ? what is your companies reputation out in the market, is it a sought after place for people to work....I looked at a job local to me, good role, working in a related field, but I knew one of the founders and he is a real piece of work..he had been instrumental in killing his first company he started....(also they have had real difficulty in raising funding wonder why ?) So in answer to my question there is no simple answer, but to start with I suggest build your founding team with respected folk, both in academia and in personal relations, if the guy was a nightmare in the Lab, then he will be a nightmare with your employees.....really think about who you are going to be commiting a big part of your life to when you start a company....it will have a big impact on your future wealth and health....



From the list above of what do you pay..there are some hidden benefits to your company, easy to use PHC, this means you will have staff back to work faster if they are seriously ill and require to be hospitalized. If you have guys on the road a lot think about one the personal valet companies, takes the hassle out of travelling with luggage....and the gym membership will give you a return as well...healthy and motiviated staff if they use it...so look at the benefits and be smart about what you offer think out side the box....


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And to something completely different have a read at this post I found on naming your company / product


Check out this blog article called “10 Company Name Types on TechCrunch: Pros and Cons.” The author of the blog, Chris Johnson, provides an analysis of these types of names:
Real words
Compounds
Phrases
Blends
Tweaked words
Affixed words
Made up or obscure origin
Puns
People’s names (real or fictitious)
Initials and Acronyms

This article provides a very good conceptual framework for the process of naming a company or product.

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