Nonprofit Compensation: How to Compete with the For-Profit Sector

In this enlightening episode of Nonprofit Hub Radio, host Delaney Mullennix speaks with Nanci Hibschman, the managing principal at C3 Nonprofit Consulting Group. They delve into the critical issue of nonprofit compensation, a subject of increasing relevance as nonprofits grapple with retaining high-quality personnel in competition with the for-profit sector.

Nanci argues that offering a thriving wage, not just a surviving one, is key to attracting and retaining top talent. She explains how a fair and competitive salary positively influences the well-being of employees. Moreover, she advises nonprofit leaders to think creatively about total compensation packages. She suggests they include benefits such as flexible work hours, professional development, and wellness programs. Also, Nanci candidly discusses common obstacles nonprofit leaders face, particularly in implementing effective compensation programs.

According to Nanci, the good news is that nonprofits can compete with for-profits on employee compensation and retention, thereby purposefully living out their missions. With strategic planning, nonprofits can overcome compensation challenges. This episode is a must-listen for nonprofit leaders seeking insight into innovative compensation strategies.