You’re excited about your startup! Because you’re so excited, you don’t mind getting paid a little less as you get up and running. Unfortunately, your employees probably won’t feel the same way.
If you want to be successful, you have to hire the right employees, and no one is going to work for free! Fortunately, there are some creative ways to pay the people who work for you if cash is a problem.
Hire a Global Workforce
You may like the idea of hiring people who come into the office every day, but that can be expensive. Not to mention, you can find a better fit at a more affordable price if you’re willing to think outside the city where you live and work!
Instead, broaden your search and look for members to add to your team who live somewhere else. With a money transfer service, like Remitly, they’re easy to pay. Not to mention, workers in some other countries have a lower standard of living, so their services are much more affordable.
You might not have to pay those employees at all! At least, not right away.
Instead, consider striking deals with your employees to defer payment. That might mean back-paying them when revenue hits a certain amount, but a more popular option is to pay them a smaller salary, but release a hefty bonus when revenue hits a certain level.
This option can work for some companies, but only if expectations are extremely clear. You don’t want there to be any confusion about when employees are going to get paid, or how much they’re going to get.
Make sure you draw up a legally binding contract that provides them with an exact date and amount of payment. It’s the only way you’ll attract people to work for your startup.
Offer Equity or Stock Options
If you can’t pay your employees the way you want, and the idea of deferring compensation makes you curl up your toes, consider offering equity or stock options instead.
Employees have nothing to lose with this option, and neither do you. They may get paid a little less at first, but they’ll enjoy the thought of holding equity or stock options in a company that could take off and make it big.
Offer Plenty of Perks
Some companies are attracting employees, not by paying them more, but by offering perks that make their employees’ lives easier and more comfortable.
A few ideas include:
- Offering on-site, free daycare
- On-site gyms, spas, car washes, and more
- Unlimited parental leave and vacation
- Tuition reimbursement
- Free food, products, or services
Think about what your employees would appreciate the most, and see if you can give it to them. If you position yourself as a caring, innovative company, employees will show up at your door, even if the pay isn’t the greatest.
You don’t have to have a ton of cash to hire the best employees! With these ideas, you can get the stellar help you need without ruining your startup before it even gets off the ground.