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Other employee retention examples include comprehensivebenefits 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.
Variable Pay: Performance-Based Incentives Variable pay, also known as performance-based pay, includes bonuses, commissions, and profit-sharingplans. Crafting a comprehensivebenefits package that meets the diverse needs of employees while staying competitive in the job market is a key responsibility for HR.
Job security and benefits Non-monetary incentives such as job security and comprehensivebenefits 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.
Some non-monetary rewards include opportunities to learn and grow, extra time off, profit-sharingplans , 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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