Available from Fox Lawson & Associates, a Division of GBS
The right employee incentives and rewards can make all the difference when it comes to retaining good workers. Competition among employers is fierce for good staff members, and companies naturally want to hold on to the best employees they have. It's often very difficult to find a suitable replacement once someone leaves, and lots of time, energy and money is spent on finding just the right person. In some cases, no one is ever found who can match the person who left. Headhunters do their best to draw the best people away, offering many attractive incentives and rewards for signing on elsewhere. Companies that hope to keep their top employees have to be prepared to make a better offer.
Compensation consulting can help today's businesses come up with just the right incentive and rewards programs to keep their best people. Determining the correct system for compensating employees is often a delicate process. Company goals must be balanced against available funds, while taking into consideration the average salaries in the company's field and knowing what the competition is offering. Professional compensation consultants take all of these things into consideration when structuring a new monetary rewards plan for a company. The new plan may include things such as quarterly bonuses, pay for performance plans, stock options and more.