You cannot always offer the top salary. In fact, you cannot always offer above average salaries, because for that to be the average, then someone has to be below it, right? New firms in particular may not be able to offer much at first until they build up their clientele and have a little cash in the bank. And if you expect a high turnover rate, you might not want to invest a lot in people who will only be with you a short time, especially if they come to you as an unknown quantity and you know little about their abilities. So when it comes to hiring and keeping talent, are there any alternatives besides high salaries?

Silly question. Of course there are.

Too many people take jobs for the money and end up unhappy. Often, they spend so much time making it that they never get to enjoy it. While most of us would like jobs that make us rich for only a little work, few of those exist, so we need to consider a better balance between salary and the other things that make us feel good about our work.

In April 2013 Aon Hewitt surveyed employees in India about what they want from a job. The results offer some ideas that you may want to consider in your own situation. There are plenty of options beyond just the basic salary, and some of the Top 10 here have nothing to do with compensation at all.

The most tangible alternative involves other forms of compensation. You can offer performance bonuses, say, at the end of a major project. You need to explicitly define some standards for awarding the bonus, make sure your employees understand them, and then stick to them…give the bonus if they deserve it, withhold it if they don’t. Something to keep in mind about performance bonuses is that you should not let them become the norm, because employees then expect them and factor them into their compensation expectations, and if you end up not awarding them, major drama will ensue.

If you are keeping salaries down primarily because you’re low on cash, you might consider compensating them through corporate ownership plans like stock options. These were very useful during the dot-com boom of the 1990s, though they lost some luster when a lot of those options ended up being worthless as companies went out of business. They also might not be as attractive in high turnover companies where employees might not be as interested in the long-term viability of the firm (though this could be one way to get them interested).

You might also consider how good benefits might offset a lower salary. You could offer really comprehensive health benefits, student loan repayment, or maybe tuition reimbursement to encourage continuing education. Of course, this last one could lead to employees soaking up education at your expense and then leaving, but it might be worth a shot. Once again, if you are offering lower salaries because you do not have the money to pay higher ones, then maybe you cannot afford these benefits, either. Maybe more vacation time, or the chance to leave for a sabbatical at some point with a guarantee their job will be waiting for them, might make more sense.

Many of these compensation schemes and benefits will take money out of your account, and that might not be an option for you. They could cost you less than a higher salary, but you may need to consider other non-monetary ways to get them and keep them on board.

Consider, then, the opportunities you might offer your employees. Maybe you set aside time for them to work on things besides their regular job. Google, for instance, allows (in fact, requires) employees to spend 20% of their time on new projects of their own choosing. Maybe your employees would appreciate the time to work on something different, something with a specific interest for them, which might turn into a moneymaker or might not. You might also allow them time to participate in volunteer activities…maybe they could be part of a children’s mentoring program or oversee an after-school club? Maybe they can get out and do environmental work? Give them chances to do things that other employers do not offer and you’ll be in competition for some of the most energetic talent out there.

Perhaps what they’re looking for is a suitable culture and climate at work. Offer a challenging work environment where they have the opportunity to develop their skills and succeed based on their merits, and you will attract self-starters who will work hard to achieve personal satisfaction. Emphasize the product over the process by allowing telework or some other flexible-work program, or keep a relaxed dress code. Give your employees a space where you focus on what they produce, and they will focus on how they produce it.

In many cases, not only can you survive and get great talent despite paying less, you might actually make it part of your business model that you are going to pay less up front while providing incentives for really motivated and talented people, who are not afraid of hard work in order to succeed, to come work for you. You get more ambitious, confident, and talented employees, and they get an environment where they are rewarded for their accomplishments. Everybody wins.