Pay Raise, Profit Sharing Plan and Salary

Employee Retention Strategies Go Beyond Competitive Salaries

HR Digest

DECEMBER 2, 2023

A Gallup report stated that the cost of replacing an employee could range from one-half to two times the employee’s annual salary. Consumer Affairs reported the top 5 reasons for quitting to be in search of better pay and better benefits, insufficient pay raises, unmet needs by their former employers, and pay inequality.

Employee Retention

Employee Retention Salary Health and Welfare 401(k)

10 Unique Extrinsic Rewards That Your Employees Will Love In 2023

Vantage Circle

NOVEMBER 30, 2022

The survey also found that 80% of employees would choose additional benefits over a pay raise. Not just salary. Profit-sharing Plans. Hence, enter the profit-sharing plan. According to a Gallup poll : 40% of employees want profit-sharing options as a part of their compensation plan.

PTO

PTO Profit Sharing Plan Bonuses Paid Leave

Comp and Benefits Today

Employee Retention Strategies Go Beyond Competitive Salaries

10 Unique Extrinsic Rewards That Your Employees Will Love In 2023

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