Reward Solutions to Retention Questions
Over the last few years, organisations have had difficulty facing a changing financial setting that has challenged conventional reward procedures and plans. A complete understanding of reward packages is needed including both the intrinsic and extrinsic factors that impact total reward. These factors have a key impact on performance, job satisfaction and the retention of high calibre talent; all of which contribute to organisation effectiveness. More specifically, research has shown that the different types of rewards employers offer to employees affect the recruitment and retention of top talent. Few businesses realise just how much employee turnover impacts their bottom line. Reward strategy is one of the least understood elements of retention strategies, yet one of the most frequently used. This chapter will cover the trends in remuneration options linked to staff retention.