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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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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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Benefits and retention: Taking control of turnover

Higginbotham

High employee turnover is a problem for many companies, and it can have a wide range of negative effects. However, there are solutions that can help you attract quality workers and support your employee retention goals. What are the benefits of employee retention? Employee turnover can be disruptive.

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6 tips for reducing employee turnover

Hppy

There are a lot of different ways that you can show your employees that you appreciate them! Provide regular pay raises. Give them benefits, like paid time off or employee discounts. Consider reaching out to your employees with a survey to ask what you could provide to make them feel more appreciated.

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Top 10 Benefits of Remote Working for Employers

HR Lineup

As a result, it was apparent to many employers that remote working could actually work, and employees could still be productive with proper management. If you are considering having your employees work from home, we have listed below the 10 benefits of remote working for employers. High Employee Retention.