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Employee Retention Strategies Go Beyond Competitive Salaries

HR Digest

A Gallup report stated that the cost of replacing an employee could range from one-half to two times the employee’s annual salary. In her book Keeping the People Who Keep You in Business , Leigh Branham recommends companies actively work to retain key employees, at least the top 80 percent.

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Improving Employee Financial Wellbeing in the Face of Economic Uncertainty

Employee Benefits

It is often equated with providing higher wages or across-the-board pay raises. Encourage salary sacrifice Salary sacrifice can help employees retain more of their earnings. Book a demo now to find out more about bringing financial wellbeing to your team. Is your company pension more of a hindrance than a help?

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When employees ask for a raise: 5 steps to a win-win outcome

Insperity

When an employee asks you for a pay raise, it’s easy to feel taken off guard. A compensation philosophy defines what’s important at your company when it comes to managing pay. By doing so, you can greatly reduce the likelihood you’ll be approached by your staff with raise requests (and avoid the disruptions).

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Employee Promotion: The Types, Benefits, & Whom to Promote

Vantage Circle

It involves an increase in salary, rank, responsibilities, status, and benefits. It brings a change in salary, responsibility, status, benefits, etc. Reduce Attrition: Employee Promotion often includes a pay raise which acts as a huge motivation. Performance Review: Statistics- The oldest trick in the book to come last.

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Employee Promotion: The Types, Benefits, & Whom to Promote

Vantage Circle

It involves an increase in salary, rank, responsibilities, status, and benefits. It brings a change in salary, responsibility, status, benefits, etc. Reduce Attrition: Employee Promotion often includes a pay raise which acts as a huge motivation. Performance Review: Statistics- The oldest trick in the book to come last.

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10 Unique Extrinsic Rewards That Your Employees Will Love In 2023

Vantage Circle

The survey also found that 80% of employees would choose additional benefits over a pay raise. Not just salary. In addition to the employee's salary and bonuses, an employer may pay it directly or indirectly. This book examined the " self-determination theory of motivation " proposed by Deci and Ryan.

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Is your company’s pay equitable? 5 must-read tips

Insperity

Typically, wage inequality isn’t deliberate but is an act of omission in a company that hasn’t regularly analyzed salaries. If compensation is based on anything other than objective criteria, the risk is high that your business could be accused of engaging in unfair pay practices that could be viewed as discriminatory. .