Adopt compensation practices that will improve retention, productivity and growth during the economic recovery.
Many businesses took extraordinary measures to ensure their survival during the recession. Now, there may end up being unintended consequences as the economy pulls out of its tailspin, including losses in the area of growth and productivity, and a difficult time retaining valuable employees. As a result, it is now imperative for organizations to adopt compensation practices that will improve all three of these trouble spots. Among those practices:
Linking strategic business goals to employees' day-to-day efforts
Using incentive pay to drive retention and innovation
Tying compensation practices to performance, succession and learning
Additional compensation and bonuses are two of the top three reasons employees stay with or leave their organizations. Download Plateau's white paper, Compensation Management in the Recovering Economy, and understand why businesses that want to be prepared for growth during the recovery must take proactive steps now to build effective compensation solutions that encourage retention, productivity and growth.