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Competitive Compensation is Key to Employee Retention

Competitive Compensation is Key to Employee Retention  | Recruiting in Motion

In the wake of the pandemic, The Great Resignation is showcasing the need to improve employee retention strategies across all industries and levels. Could competitive compensation and benefits be the key to building a lasting relationship with your employees? Making significant changes in your salary and perks can be just the thing you need to keep your team on long-term. Here’s how.  

What Benefits Should be Offered for Employee Retention?

Researching Competitive Pay

With rising inflation and the cost of living, competitive pay is more important than ever. Before searching for new employees, it’s essential to have your ducks in a row regarding the pay range for each new position. Online resources, such as Salary.com, can help you see the standard pay in specific locations.  

Offering Exclusive Perks 

What can your company offer that your competition can’t? That will be one of the best ways to attract someone through your door. You can get creative about this. For example, an eyeglass company can provide an annual eye exam and new glasses and frames at cost. A special perk like this can help someone make their decision.  

Tracking Goals and Rewards 

You also need to ensure that you’re correctly tracking career success and providing rewards and recognition for your team. The best bet for employee retention and to attract top talent is to ensure that you have a positive employer brand among your current team members.  

Encouraging Personal and Professional Development 

One of the biggest draws for new employees today is a focus on career development. Employees want to know they’re more than a cog in the machine. They want employers who believe in them and their potential for growth with the company in the future.  

Providing Flexibility  

Today, more than anything, job flexibility is among the top considerations for new employees. Whether you offer work-from-home or hybrid schedules, employees want to have more control over their time. If you need to be in-house, consider offering flexible start and end times to promote a better work/life balance.  

Are you ready to hire top talent?

Contact the team at Recruiting in Motion to learn more today.  

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