Employee Retention: Thinking Beyond Salary

Topics: Comp Strategy, Modernizing Comp, Retention

Compensation is More Than a Paycheck By Tripp Ritter, PayScale.com Employees join and stay with companies for more than just their paycheck. They care about what the company offers in total. It's a combination of factors that make a company the right place for them. Sure, the paycheck is a key part of compensation and it is the one that we talk about the most, but it is not the only element in a compensation strategy. Smart companies come up with a thoughtfully-constructed package of pay and benefits to make sure they have the right mix of employees for business success.

August 17, 2012

Compensation is More Than a Paycheck

By Tripp Ritter, PayScale.com

Employees join and stay with companies for more than just their paycheck. They care about what the company offers in total. It’s a combination of factors that make a company the right place for them. Sure, the paycheck is a key part of compensation and it is the one that we talk about the most, but it is not the only element in a compensation strategy. Smart companies come up with a thoughtfully-constructed package of pay and benefits to make sure they have the right mix of employees for business success.

Now That’s a Retention Program!
Google, a leader in innovative non-salary compensation that keeps people on the job, has done it again, according to an article in Forbes. Not only do they provide employees with on-site medical personnel and free food, but now they are offering death benefits. Surviving spouses of deceased Google employees will now receive 50 percent of the deceased’s salary each year for ten years. Incredibly, this benefit is not based on time on the job, so the impact on retention is likely to be widespread.

Google thinks big, but that doesn’t mean your company has to offer something as bold to increase employee happiness and overall retention. There are plenty of ways to create an environment that is fun, and helpful to employees. Some companies offer concierge services or pet care. Others are using social media to recognize employees in a visible, fun and inexpensive way.

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What about you, readers? What outside-the-box compensation benefits do you provide to attract and retain the right people for your business? We want to hear from you.

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