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A good regular salary may have been enough years ago, back when government subsidies managed things like healthcare and retirement, but those programs have become less and less effective. By offering perks such as gym memberships and plenty of vacation time, companies can sweeten the deal for prospective new hires and attract top talent.
Regularly accessing your employees' salaries ensures that your salaries are competitive and live up to the benchmarks against the industry average. Regular assessment of salaries will give you confidence in your organization and discourage employees from looking elsewhere to fulfill their basic needs. Leadership courses.
It includes the money paid to employees in wages, salaries, bonuses, perks, and other intangible benefits. In a total rewards system, compensation comprises base salary and extra benefits that come under variable pay. A salary increase is necessary but not sufficient to recruit and retain talented employees. Compensation.
While salary and wages are important, they are only one part of the equation when it comes to attracting and retaining talented employees. Employee benefits are non-wage compensation provided by employers to their employees in addition to their regular salary or wages. What are employee benefits?
Presenting a good employee benefits package often gives one employer an edge over another, especially in cases where basic salaries are relatively equal. Seminars on stress relief, sleep improvement, relaxation, and work-life balance. Paid sick days encourage ill workers to stay home. Employee discounts on gym memberships.
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