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Check out this Article & Podcast about Retention!
Tune IN TO THIS AMAZING Series!
Tune IN TO THIS AMAZING Series!
Employee Retention | Podcast
Employee Retention | Podcast
By Team Bonding
Click the icon to your left to go to the direct web page to view, listen, and read along the conversation with the host Rich and guest Sandra Kearney on Employee Retention with the Workforce!
- Fixed pay
Fixed Compensation refers to the fixed amount of salary an employee receives despite the work performance or other aspects of contribution.
Examples of Fixed Pay include monthly and annual salaries.
To learn more about Fixed Compensation visit this link AIHR!
- Variable Pay
Variable Compensation refers to when employees' salary is dependent on an individual's performance and achievement of specific targets.
Example of Variable Pay includes referral bonuses and commission-based pay and other types of bonuses.
To learn more about Variable Compensation visit this link AIHR!
- Equity Pay
Some organizations may include stocks or options aspect in employee compensation. These are non-monetary forms of representing ownership. This method is a part of employee compensation known as equity pay. This allows employees to gain a share of net assets of the organization's overall surplus outside of their monetary and non-monetary compensation.
To learn more about Equity Accounts for Non-profits visit this link Springly.org!
- Health Benefits
Healthcare and insurance are very commonly offered employee benefits within the US. That said, the high cost of benefits and healthcare plans offering healthcare coverage is significant in attracting and retaining top-talent employees.
To learn more about how to offer health insurance to non-profit employees visit this link People Keep!
It is also essential to acknowledge the importance of fairness in terms of compensation within an organization. According to a Payscale study, there was a strong positive correlation between pay and engagement. To further elaborate, employees' engagements would increase when they knew they were fairly paid. Furthermore in terms of fairness in compensation, there are two specific types which are as follows:
Benefits
Benefits
A non-financial reward is received by the employees as a sign of appreciation for their hard work. Offering a greater salary isn't always an effective solution to rising employee turnover. Other forms of bonuses and perks are equally beneficial and contribute significantly to great employee retention.
Compensation
Compensation
The employees receive a paid reward for the work they have done for the respective organizations. The employee's paid rewards may include salary, bonus, paid time off, healthcare, and more. Important to note: offering a good balance of compensation can help organizations flourish.
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