Since nonprofits are mission-focused, professionals in this sector may not expect their compensation packages to be as robust as those in the for-profit world.
However, that doesn’t mean your organization should pay employees less than their free-market worth or fail to offer them core benefits they could receive at a for-profit business.
To ensure your employees remain on staff for years to come, take the benefits conversation seriously. You should ensure that staff members are offered the resources they need to live happy, healthy lives while actually enjoying coming into work each day.
With your consultant, review the different benefits offered to your staff, including:
- Paid time off
- Parental leave policies
- Health insurance plans
- Bonus incentive programs
- Team building perks
For some charities, schools, political organizations or healthcare philanthropies, your margins are already stretched thin and you may not have the capital to be as competitive as a business when it comes to employee benefits.
That being said, you never want employees to feel like they’re at a disadvantage for being passionate about your mission. If you want to boost staff retention, reevaluating your benefits package is a key step.