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In addition to reducing employers’ financial risk, bonuses act as a powerful incentive for employees to maintain strong performance despite personal distractions. This will also align your business with the latest workplace trends and employee expectations, and help you to avoid dreaded post-pandemic turnover. Summing it all up.
Could increases in staff pay be in the form of performance bonuses versus raises in base salary? For more guidance on how to not only survive but thrive during a season of change, download our magazine: The Insperity guide to managing change. Consider how to shift more expenses from fixed to variable.
Download our free magazine, The Insperity guide to HR outsourcing. Training and development To feel comfortable staying with a company for the long haul, employees want to know that they have a viable career path there, with opportunities for internal mobility and continual learning and development of their skills.
This is why many companies are becoming flexibleworkplaces , offering such work arrangements as: Options for 100% remote work Hybrid work (employees have demonstrated a willingness to come to the office when it’s justified and the reasoning is communicated well) Flexible schedules Shortened work weeks Flexible or unlimited paid time off (PTO).
Here are a few simple steps to get started creating a compensation strategy: Assess your current pay practices, including base pay along with any bonuses or incentive plans. Workplaceflexibility. All of this helps you treat employees equitably and avoid legal problems down the road. Examine why your pay practices are in place.
Some options include: Variable pay plans Workplaceflexibility Other desirable, non-monetary benefits or rewards. For more information on how to address pay compression along with other issues arising from a company’s growth, download our free magazine: The Insperity guide to managing organizational growth.
Here are a few simple steps to get started creating a compensation strategy: Assess your current pay practices, including base pay along with any bonuses or incentive plans. Workplaceflexibility. All of this helps you treat employees equitably and avoid legal problems down the road. Examine why your pay practices are in place.
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