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How to strike a balance between managing staff wellbeing and financial pressures

Employee Benefits

Pay strategies such as targeted pay increases, performance-related bonuses and earned wage access can help. Employers need to ensure there is a culture where people can discuss financial concerns. It is important that employers look at base pay as a starting point, says Gemma Bullivant, a freelance HR director and executive coach.

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UK Power Networks uses total reward statements to boost engagement with benefits

Employee Benefits

The evidence of the impact on engagement, attraction and retention is in the employer’s turnover rate, which is lower than the UK average, proving that it is a worthwhile initiative for it to do each year. The TRS outlines what employee benefits have been on offer for the past 12 months. Offering choice is key,” he concludes.

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Are bonuses the key to hourly staff retention?

Business Management Daily

Some employers have decided that significant investments in bonus plans are worth a try. They’re making even low-level retail and restaurant staff eligible—even part-timers. According to a Chipotle statement announcing the plan, bonuses will be paid quarterly if crew teams meet revenue and other goals. Spot bonuses: 51%.

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Regular rate calculation gets a makeover

Business Management Daily

Nonexempt employees who work longer than 40 hours in a week must be paid overtime at 1.5 15, 2020, allow you to offer more perks to nonexempt employees without having to include those perks in their regular rate calculation when you’re figuring their overtime rate. Employee discounts on retail goods and services. spot bonuses).

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Employee retention strategies to overcome the Great Resignation

Business Management Daily

Employee retention is a major challenge for employers at this time. Many employers are seeing record turnover rates as the economy rebounds from the coronavirus pandemic. Retail and food workers who were hailed as heroes and paid higher wages at the start of the pandemic don’t want to go back to minimum wage.

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Team versus individual recognition in the time of hybrid working

Employee Benefits

Employers must consider what forms of team and individual recognition work for their culture, and understand how this is changing during the rise of hybrid working. Employers should consider which forms of recognition fit best with their unique model.

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What are Total Rewards: Here’s A Holistic View

Empuls

Employee total rewards are a combination of benefits, compensation, and rewards that employees receive from their organizations, including wages and bonuses, rewards, performance recognition, workplace flexibility, career opportunities, etc. Overtime wage. But don’t get too used to it because bonuses are not a regular offering.

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