How many talented individuals have left your organization due to better compensation & benefit packages? Have they left to your competitor or have they left for completely different career? Are you unable to attract the best candidates for a vacancy? Has budgeting for salaries become a major issue for your organization?
If you perform an in-depth analysis for the reasons why your talented employees have left the organization, you may realize that the co-relation between the resignations and compensation are closely related and is one of the main contributors for them to leave your organization.
The total compensation package should be very well planned to be competitive and attractive enough in the market. The package should be reviewed by the organization on constant basis to ensure the retention of the talent in the long run. Benefit packages should not only include the salary but also various other incentives that will boost the employee’s quality of life.
HRSL Consultant Board