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If your salary offer isn't quite up to par, you might still persuade a candidate to take the job by offering more time off or flexible work hours. A recent survey by an online benefits company found that flexible work arrangements were the most coveted employee benefit, even more desirable than healthcare. Telecommuting or working from home has surged in recent years, especially in high-tech companies. Research indicates that allowing  employees to telecommute reduces absenteeism and turnover, improves productivity, and increases levels of satisfaction. Some employers even report that telecommuting can benefit the bottom line. One example is Development Counselors International, a New York City–based  economic-analysis firm, which saw its western business triple when two 15-year veterans began telecommuting from the West Coast.

SMALL COMPANY PERKS

If you work for a smaller company and feel that you can't compete with larger firms and their higher salaries and rich benefits packages, don't sell yourself  short when making an offer. While it's true that salaries might not be as competitive, many smaller firms compensate with on-the-job perks and other benefits, such as:

• The opportunity to be more hands-on

• The need to wear multiple hats, which results in wider experience and enhanced skills

• More chances for recognition

If your salary offer isn't quite up to par, you might still persuade a candidate to take the job

Balancing All Factors

In areas or industries where the pool of job candidates is limited or highly competitive, you may end up having to sell an applicant on your company. Take a realistic look at the offer you're making and decide if it is fair, competitive, and comprehensive. If you did your homework at the beginning of the search process, you know approximately what this employee is worth in the marketplace, you have researched what other companies are offering, and you know what benefits your company can provide. You are now armed to negotiate.

First, don't immediately assume that any  aspects of the job that you yourself see as negative—perhaps the size of the company, limitations of the benefits, or the nature of the work itself—will make the position unappealing to your chosen candidate. No two people have the  same set of interests and priorities.

Although some candidates prefer a large corporation that can pay more and provide more benefits, others would rather be at a smaller company where the opportunities are greater. Some individuals are looking for a chance to move up the corporate ladder; others are not as concerned about advancement. Some candidates like variety; others prefer repetitive work.

When you have found a candidate who seems a  good fit, someone with the skills and experience needed for the job who seems enthusiastic about the opportunity, make your best offer, reiterate all the benefits, and trust that the candidate will also feel that your company is the right choice.

THE BOTTOM LINE

The "big frog, small pond" factor, which can often result in speedier promotions.

• A stronger sense of ownership

• A culture more geared to fulfilling employee needs

• Jobs that better utilize an employee's aptitudes and interests

• Flextime and telecommuting

• The chance to buy stock options and benefit financially from contributions to the firm

SOURCE: "Why Small Businesses Pay Less" Salary.com (2006).