PENSION CONTRIBUTIONS
PAID ANNUAL LEAVE
BONUSES
SALARY
COMPANY CULTURE & RECOGNITION
ESG REWARDS
FLEXIBLE WORKING
COMPANY OWNERSHIP
Usually the lever that most of us consider to be the most important. However, salary is not the only way or most effective way to improve employee retention or wellbeing. Find out how to get salary structure right especially compared to your other reward levers.
It pays to understand how bonuses will affect groups differently, how to use group performance based bonuses and that the size of a bonus relative to salary is important.
This can be very important for improving diversity and inclusion but may not necessarily help you address job satisfaction.
A potentially useful tool for attracting and retaining talent but also an area where employers can address equality and long-term wellbeing, particularly with older employees.
There is no doubt that giving employees a stake in the business and a role in decision-making can promote job satisfaction and employee retention but there is more than one-way to go about this.
Approximately nine out of ten employees and job applicants want to work flexibly. Flexible working can help to recruit and retain staff as well as improving diversity and wellbeing. However, you must be ready to give each employee flexibility and be aware of the potential issues around equality.
ESG-related rewards is probably not something that you have considered but it may be the way to attract and retain younger employees. You may also need to look at how to communicate decisions to use ‘green’ pension funds.
COMPANY culture and recognition
Recognition is a good way to improve employee satisfaction and staff retention, and can be structured in a range of ways, on an ad-hoc basis or something more structured. Have you thought about monetary and non-monetary recognition, or using client feedback more?
