Compensation for Retention
Finding and keeping the right talent requires companies to compensate employees fairly. Money isn’t the number one motivator of employee satisfaction, but if you are completely out of line you will lose good candidates during the recruiting process and employees after they’ve been hired. Remember compensation doesn’t have to come from just base salary, it can be from bonuses and commission as well. Build financial rewards based on company performance.
Offer good benefits
The basics like health insurance, retirement programs, and short-term disability, and things like cell phones and vehicles, when necessary, are expected these days. Offering good vacation plans and holidays are also more of a norm.
Companies that come up with unique programs are finding it an advantage and improving retention. A few ideas include:
Help your employees grow
Continuing education is a great reward. This type of training and education can come from a variety of areas, such as on-site training in a certain skill. Or, this type of training can also be offered online through webinars.
Finally, one other option is to offer payment for advanced education.
Reward employees as often as deserved and is possible
Some ideas to reward people are travel dollars, gas cards, gift cards, cash cards, vacation days, etc. These can all be given in varying amounts to individuals, allowing an employer to reward more employees and more frequently. The key here is to pick a reward that will mean something to the employee. Develop programs that reward dedicated, good work- much like societies mentality now where everyone is a winner- make your reward program based on results (this will create some good internal competition).