The compensation strategy that your company uses can make a significant difference in your organization's ability to retain and attract talented employees. Remember, a quality compensation package should extend beyond your employees' base salaries. Here are a few various strategies your company should implement to make sure your top employees stay with your organization.
1. Include Incentives That Encourage Employees to Seek Additional Training
You want your employees to understand that seeking additional education is encouraged within your organization. There are multiple ways that you can show your workers that your company culture values education.
One way to promote work-related educational endeavors is to reimburse employees for some or all of the costs of pursuing additional training or obtaining more knowledge. To encourage your employees to do their best, you may decide to increase the reimbursement percentage for higher grades, or you may prefer to require that employees achieve a minimum letter grade in order to qualify for reimbursement.
Another strategy is to increase the compensation of employees who choose to develop their talents. Employees may be more willing to put in the required time to acquire a degree or complete a training program if they know it will have immediate financial benefits.
2. Don't Be Afraid to Include Unique Forms of Compensation in Your Company's Compensation Package
Don't be afraid to offer non-monetary forms of compensation strategies to your employees. Many of these perks can make your company a more enjoyable place to work, increasing employee satisfaction. If your employees are satisfied, they are more likely to remain with your organization.
One form of non-monetary compensation you can offer is rewards trips for employees who complete all of the required tasks for their positions or who meet their goals. Another option is to stock your employee break room with free beverages and snacks so that employees always have something to nibble on if they need to stay late or have to take a late lunch.
3. Institute Some Type of Incentive Program
It is important to reward your top performers for meeting or exceeding your company's expectations for them. Institute a bonus system that provides a financial bonus for your star employees. Make sure that the expectations are clear so that your employees can track their progress towards receiving these incentive bonuses.
Check that your goals are reasonable; it is disheartening for employees to work towards goals that they have little chance of actually meeting. Instead of an annual bonus, opt for a monthly or quarterly bonus. Due to the long time frame, it is easy for employees to lose motivation when they only see an incentive payment once a year.