Reference no: EM132809331

Nontraditional Strategies for Attracting Talent

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 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, you will examine various compensation strategies that companies offer and identify a nontraditional compensation method in order to demonstrate its appeal and value.

To prepare for this:

consider the variety of strategies organizations use to attract and compensate talent, and identify which ones you would implement as an HR professional.

• Based on your readings and/or real-world experiences, identify a nontraditional or "outside the box" compensation method that would broadly appeal to a diverse workforce and meet their needs and wants.

What is an application of a nontraditional compensation method for a diverse workforce. In your application, address the following:

• What is the "outside the box" or nontraditional compensation method or strategy you identified and why do you think it would appeal to a diverse workforce?
• As an HR professional, how would you demonstrate to organizational leadership that your suggested compensation method or strategy has value?
• Similarly, how would you implement the compensation method or strategy in a way that would appeal to the highest number of employees? How might your approach change for employees of different ages, backgrounds, income brackets, or levels of professional experience, if at all?