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Employee Retention Strategies Go Beyond Competitive Salaries

HR Digest

With numbers as big as these and burnout at an all-time high, it becomes increasingly important to take employee retention strategies seriously and explore what they can do to connect with their employees. This is why employee retention strategies are important. How to Improve Employee Retention?

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How inflation affects pay raises

Business Management Daily

If you work a job long enough, you eventually come to expect a salary increase, just as most companies expect to give you one. But what happens when the raise you receive ends up leaving you with less money than you had before? The few bucks you saved on raises last year are likely to incur costs in turnover and training this year.

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5 Best Strategies for Employee Retention

Hppy

Employee turnover is expensive on many levels to the employer. The average cost of replacing an employee is 21% of their annual salary. However, these are complemented by other factors like sustainable workload and periodic pay raises. Pay Raises and Variable Pay Benefits.

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10 benefits to push for when a pay raise isn't on the table

Employee Benefit News

If your company has a tight budget, here are some valuable benefits that supplement your salary.

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12 Strategies for Healthcare Employee Retention for Building a Stable and Satisfied Workforce

Empuls

Factors contributing to healthcare employee turnover: Burnout : The healthcare industry, especially frontline roles like nursing, often involves long hours, emotional stress, and physical demands, leading to burnout. Compensation :  Competitive salaries and benefits are crucial for retention.

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What’s a merit increase, and should your business use them?

Business Management Daily

A merit increase or merit raise refers to a pay increase based on an employee’s performance. Merit pay is a permanent increase to an employee’s base salary and tends to go hand-in-hand with regular performance reviews. Here’s a look at other types of financial rewards and how they differ from merit pay.

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Improving Employee Financial Wellbeing in the Face of Economic Uncertainty

Employee Benefits

In fact, about 43% of employers believe implementing a financial wellbeing strategy significantly influences employee retention. Ways to enhance employee financial wellbeing The thought of improving employees’ financial wellbeing can be a sensitive topic for many companies.

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