Employers need to take a wide range of factors into account when they are reviewing why employees want to come to work for them and remain there. For example, offering rates of pay that are out of line with the market can hurt your competitiveness verses paying over the odds which could be detrimental to your bottom line.
Adopting a total reward approach recognises that people are motivated by more than just money. Alongside compensation, organisations should also look at the benefits packages, work environment and development opportunities that they are able to offer to potential and current employees.
We look at the use, prevalence and value of incentives, to help you recruit and retain the talent you need. Analysis of the Cendex® database, covering +1K organisations and +1,7 million employees in December 2022 shows bonuses and car allowances are the most popular incentives on offer across all sectors in terms of usage.