Premium Only Content

Employee Turnover Issues: How to Leverage Compensation to Attract and Retain Talent
Apply to participate in the Workforce Alchemy Challenge, gain expert knowledge (for FREE) and earn up to $1000 worth of tools to help your business or department run better and faster without unnecessary drama or expense.
Apply for the Workforce Alchemy Challenge: https://workforcealchemy.com/
How can companies make their compensation plans more attractive to their ideal job candidates and current employees? Often, the missing link to employee recruitment and employee retention challenges is a solid compensation plan. Here are some ideas that can make your plan more attractive.
Make salaries competitive: Research the typical wages for similar jobs in your industry and local markets. If your offers aren’t at or above the industry standard, expect to get the leftover applicants your competitors do not want.
Offer performance-based pay: Be sure to consider offering bonuses, commissions, or variable compensation incentives tied to specific goals or outcomes.
Offer equity or stock options: Offering equity or stock options can attract and motivate applicants. These are powerful incentives. In startups and fast-growth companies, talented applicants realize the upside can be significant.
Provide comprehensive benefits packages: Companies that fail to provide complete benefits packages (health insurance, retirement plans, vacation time, etc.) should expect to lose talent to companies that do.
Communicate the value of the compensation plan: If applicants and employees don’t understand the benefits, they can’t value them. Make sure you communicate the value of your offering and do so in a way that applicants and employees can easily understand.
Offer flexible work schedules: Flexible and remote work arrangements can be very attractive to talented applicants and employees seeking work-life balance, hate traffic or live far away.
Suppose your company prepares and communicates your compensation plans with these guidelines in mind. In that case, attracting and retaining top talent should be easier. If you don’t, prepare to lose talented applicants and employees to your rivals who do.
These tips will likely help you attract and retain many more of your ideal applicants. Once you have a pipeline of quality applicants, your next challenge is simply to pick the best and avoid the worst.
Job applicant screening should not be a “hire and hope” proposition. If you’re looking for applicant screening methods and employee screening procedures that can improve how hiring managers make decisions, then take the Workforce Alchemy Challenge at WorkforceAlchemy.com.
-
0:31
The Workforce Alchemy Channel
11 days agoEmotion vs. Data in Decision-Making: What Really Drives Business?
41 -
2:23:55
Barry Cunningham
13 hours agoPRESIDENT TRUMP IS NOT PLAYING AROUND...AND THE LIBNUTS CAN'T STOP HIM!
100K64 -
22:02
Stephen Gardner
19 hours ago🔥JUST IN: Trump BETRAYAL plot EXPOSED!
121K308 -
38:32
The Why Files
21 days agoThe Real CIA Vol. 1: 693 Pages of Secret Crimes
133K61 -
49:12
MattMorseTV
16 hours ago $22.72 earned🔴Zelenskyy is NOT HAPPY about Trump’s NEW DEAL.🔴
128K158 -
1:03:49
Warren Smith - Secret Scholar Society
4 days ago"You are on the brink" - My Conversation with Nick Fuentes
93.2K66 -
8:05
Tactical Advisor
17 hours agoNEW Best Budget AR15 | PSA Guardsman (FIRST LOOK)
84K29 -
8:55
Warren Smith - Secret Scholar Society
3 days agoMatt Walsh EXPOSES a Leftist's Lie So Badly She Flees the Stage
71K32 -
25:05
Digital Social Hour
16 hours ago $6.38 earnedScott Jennings: The Fight for Free Speech: Scott Jennings Speaks Out
54.8K14 -
1:29:24
Steve-O's Wild Ride! Podcast
3 days ago $5.07 earnedDarby Allin Risked His Life And Career To Climb Mt Everest | Wild Ride #262
49.8K