Strategy #2: Competitive Financial Compensation and Benefits
Posted: Tue Jan 21, 2025 8:10 am
Decent wages, material and non-material motivation, as well as a system of benefits - this is what distinguishes a company that has a queue of candidates.
Methods of distribution and payment of monetary rewards
Base salary or fixed salary + KPI with bonuses and premiums – the level of staff turnover depends on how the company’s system of monetary rewards is structured.
Apple is known for its high organize your finances with mint salaries and generous bonuses for employees, which helps the company attract and retain highly skilled workers.
Working at Apple
Benefits provided to employees
Health insurance, pension contributions, paid vacations, reimbursement of training - all this in a good sense ties the employee to the company, reducing the outflow of valuable personnel.
Pharmaceutical company Pfizer offers employees bonuses aimed at caring for mental health: stress reduction courses, compensation for fitness and yoga classes, webinars with psychologists.
Regular assessment of employee satisfaction
Nike believes that engaged employees feel more valued, so the company conducts a survey to measure engagement and evaluate the workplace climate. Employees also noted that the survey, which is anonymous, makes them feel proud of their sense of belonging to the company and that their opinions are heard.
Based on the results of these surveys, management can identify employee problems and revise benefit and financial compensation packages.
Working at Nike
Based on employee surveys, Dell is creating a social package and building a system of personnel support: flexible hours are introduced, corporate discounts on products are established.
This approach allows us to reduce staff turnover and maintain a high level of employee motivation for a long time.
Strategy #3: Creating Opportunities for Professional and Career Growth
Providing employees with the conditions to develop their skills and advance their career motivates employees and helps retain talented specialists. Managers often fear that after training, employees will go to work elsewhere, but statistics say otherwise.
According to a study on the importance of learning and development in the workplace by Mettl, 94% of employees are willing to stay with an organization whose management invests in their career advancement.
What does the employee training process include:
Training and adaptation of new employees: organization of internal courses, trainings and seminars for advanced training.
Mentoring and coaching: Assigning experienced mentors to support new employees or as they progress through their careers.
Career planning: developing individual development plans for employees within the company and providing opportunities for advancement.
Such support for employees' ambitions dramatically reduces staff turnover, forms a personnel reserve, and prepares specialists for tasks performed in a specific company. Employees who see growth prospects and feel their value are more motivated and interested in their work.
Here are some examples of famous global companies that encourage training of their employees:
IBM has introduced the IBM Career Pathways program, which helps employees plan and implement career growth within the company.
Microsoft offers its employees extensive training and development programs, including access to online courses and internal training.
Methods of distribution and payment of monetary rewards
Base salary or fixed salary + KPI with bonuses and premiums – the level of staff turnover depends on how the company’s system of monetary rewards is structured.
Apple is known for its high organize your finances with mint salaries and generous bonuses for employees, which helps the company attract and retain highly skilled workers.
Working at Apple
Benefits provided to employees
Health insurance, pension contributions, paid vacations, reimbursement of training - all this in a good sense ties the employee to the company, reducing the outflow of valuable personnel.
Pharmaceutical company Pfizer offers employees bonuses aimed at caring for mental health: stress reduction courses, compensation for fitness and yoga classes, webinars with psychologists.
Regular assessment of employee satisfaction
Nike believes that engaged employees feel more valued, so the company conducts a survey to measure engagement and evaluate the workplace climate. Employees also noted that the survey, which is anonymous, makes them feel proud of their sense of belonging to the company and that their opinions are heard.
Based on the results of these surveys, management can identify employee problems and revise benefit and financial compensation packages.
Working at Nike
Based on employee surveys, Dell is creating a social package and building a system of personnel support: flexible hours are introduced, corporate discounts on products are established.
This approach allows us to reduce staff turnover and maintain a high level of employee motivation for a long time.
Strategy #3: Creating Opportunities for Professional and Career Growth
Providing employees with the conditions to develop their skills and advance their career motivates employees and helps retain talented specialists. Managers often fear that after training, employees will go to work elsewhere, but statistics say otherwise.
According to a study on the importance of learning and development in the workplace by Mettl, 94% of employees are willing to stay with an organization whose management invests in their career advancement.
What does the employee training process include:
Training and adaptation of new employees: organization of internal courses, trainings and seminars for advanced training.
Mentoring and coaching: Assigning experienced mentors to support new employees or as they progress through their careers.
Career planning: developing individual development plans for employees within the company and providing opportunities for advancement.
Such support for employees' ambitions dramatically reduces staff turnover, forms a personnel reserve, and prepares specialists for tasks performed in a specific company. Employees who see growth prospects and feel their value are more motivated and interested in their work.
Here are some examples of famous global companies that encourage training of their employees:
IBM has introduced the IBM Career Pathways program, which helps employees plan and implement career growth within the company.
Microsoft offers its employees extensive training and development programs, including access to online courses and internal training.