Recent studies by Future Workplace and Kronos reveal 87% of employers saying making improvements to retention in the coming years as being one of their highest organizational priorities. In 2017, employee salaries are expected to grow by 3%; with candidate and employee resources like Payscale easily accessible to research competitive compensation rates for specific job roles, addressing compensation is a vital step to the retention improvement process for employers.
The major takeaway? If employers want to offer compensation at a competitive rate and increase retention and productivity, they have to set themselves up in the performance management department. To do this, we advise a 3-stage process:
- Evaluate big picture performance
- Implement a 360-degree review process
- Practice time management
This structure allows leaders to make effective and intelligent compensation decisions based on best practices in the industry. Jump into video four of the Talent Management Toolkit to learn more!
