Compensation: Your retention tool-kit

Compensation: Your Retention Tool-Kit

• Competitive salary:
Base your salary on marketplace movement, competition, workforce supply, and other economic factors that influence compensation in your industry and market
• Sign-on bonuses:
Make sure your investment is protected in the person. Split sign-on bonuses over a period of time, not as a lump sum         
• Retention bonuses:
You can be creative with this one and apply it to things like higher degree sponsorships and additional training programmes
• Pay for performance:
Again a very effective reward and recognition strategy that can be a strong motivation for higher productivity and greater retention
• Increments with promotions: Every employee expects a yearly increment and a raise with a promotion, failing which he/she might look out for other options
• Stock options: Clearly, the most popular form of reward in a competitive job market that also underlines the organisation’s interest in a long-term commitment and relationship with the employee

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