Focus Your Reward Strategy on Employee Retention
In today's competitive job market, keeping top talent is harder than ever. That's why crafting a well-thought-out reward strategy is key to not just attracting the best candidates, but to employee retention, too. By aligning rewards with what your employees value and your company’s business strategy, you can significantly boost employee motivation, satisfaction, and loyalty.
Articles
An effective rewards strategy should be centrally aligned to the goals and ambitions of your wider organization, through happy, considered, dedicated employees. So, it's alarming that only 45% of employers believe their current reward policy positively impacts employee retention and motivation - because an effective reward strategy can actually be crucial to ensuring that you attract (and hold on to!) the very best people for the job.
When it comes to the rewards employers currently offer, we see a mix of both classic and trending benefit types. Key employee benefits include fixed salaries (received by 80.6% of employees), flexible working hours (50.3%), and study/training days (39.4%). Additionally, benefits like gifts for special occasions (34.8%), meal vouchers or allowances (31.7%), and health and wellness programs (30.8 %) are also commonplace.
Podcast
How has SD Worx developed its own reward strategy?
Tune into Episode 1 of the Reward Navigator Podcast, where Bruce Fecheyr-Lippens and Pieter-Jan Boden dive into SD Worx's reward strategy. They discuss how to show genuine care through comprehensive financial support, long-term security, and the ABC of motivation: Atmosphere, Benefits, and Compensation.
