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Use these four remuneration strategies to retain your company's top employees

by , 21 August 2013
If you consider your employees to be your greatest asset, you'll want to retain top employees. To do so, you need to implement innovative, progressive and value-adding retention strategies. Here are four remuneration strategies you can use to retain talented employees in your workplace.

According to the Labour Law for Managers Loose Leaf Service, the purpose of remuneration must be to direct and reinforce desired behaviours and performance and to be the employer of choice in your industry.

The best way your company can do this is to implement these effective remuneration strategies.

Want to keep top performing employees in your company? Implement these four remuneration strategies

#1: Basic remuneration should be fair and just

Consider the following factors:

  • Do you pay for length of service, job level, or qualification, or do you remunerate the level of value-add or contribution, performance or competence acquired or applied?
  • Does your remuneration system convey the message that you value not only results and performance, but also how employees contribute to organisational objectives and demonstrate organisational values?
  • Are new employees paid more than existing employees?. If yes, does your remuneration policy allow for salary review of key existing staff?

#2: Multi-skilling

Allowing your employees to develop different skills-sets and remunerating them accordingly, not only makes sound business sense, it also allows employees to learn and grow personally and in their careers.

#3: Recognition scheme

Recognition schemes that recognise and reward individuals and teams non-financially for their contribution to business objectives have strong motivational value and could add to a motivated company culture and encourage talent retention, says the Labour Law for Managers Loose Leaf Service.

FSPBusiness recommends you use these non-financial incentives to reward your employees.

#4: Flexible remuneration

Remember to custom design remuneration for each and every employee. Ensure your policies and systems allow for this practice to take place within the parameters of sound business, management and ethical principles and practices.
By implementing a total cost to company approach to remuneration, you can tailor remuneration solutions for different employment contracts and employees.

Remember, if you want to retain your employees and have happy and committed workers, you need to recognise their contribution. So use these remuneration strategies to retain top employees and be an employer of choice.

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