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Employee Retention Strategies Go Beyond Competitive Salaries

HR Digest

Other employee retention examples include comprehensive benefits packages that are tailor-made to suit the employees’ welfare. This could include health benefits, time off, retirement assistance, etc. Here, other forms of monetary compensation are useful as well.

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Types of Compensation: Everything HR Needs to Know

HR Lineup

Variable Pay: Performance-Based Incentives Variable pay, also known as performance-based pay, includes bonuses, commissions, and profit-sharing plans. Crafting a comprehensive benefits package that meets the diverse needs of employees while staying competitive in the job market is a key responsibility for HR.

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Extrinsic Motivation at Work: How Rewards Drive Workplace Success

Empuls

Job security and benefits Non-monetary incentives such as job security and comprehensive benefits packages are key motivators. Knowing that their job is stable or that they have access to health insurance, paid time off, or retirement plans can encourage employees to perform better.

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A Comprehensive Guide to Total Rewards (And How to Master It)

Vantage Circle

Some non-monetary rewards include opportunities to learn and grow, extra time off, profit-sharing plans , wellness memberships, etc. It's a guaranteed strategy that boosts profits, employee retention, and employee satisfaction. Also Read: Top 9 Non-monetary Incentives To Motivate And Retain Your Employees.

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