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Using Your Compensation Strategy To Improve Your Workforce

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When it comes to creating a sustainable and profitable business, attracting and retaining the right employees is critical. Without a skilled and motivated workforce, it can be impossible for your company to achieve its growth and development goals.

Here are three important components that should be included in your compensation strategy to ensure you are able to improve the quality of your workforce and drive your company to greater success.

1. Provide performance-based pay.

Rather than adhering to a rigid pay structure that is based on tenure or job description, your compensation strategy should embrace a performance-based salary structure. This structure demands that an employee's salary is predicated upon his or her performance while completing job-related tasks.

When you reward those employees that are working hard to ensure the success of your company with increased financial compensation, you motivate those employees to continue giving their best effort. You also help to motivate other workers to strive for better performance on a daily basis. Performance-based compensation benefits both your company and its employees, allowing you to amass a satisfied and productive workforce.

2. Encourage ongoing training.

Employees that have a working knowledge of the latest practices and techniques being used within your company's industry can serve as valuable assets when it comes to increasing your competitiveness within the market.

In order to encourage your employees to stay abreast of industry changes through ongoing training, you should incorporate a competency-based pay component into your company's compensation strategy. Competency-based pay rewards employees for perfecting additional skills and acquiring competencies and knowledge that will ultimately help to make your company more successful in the future.

3. Include non-financial rewards.

Your company's compensation strategy should not focus solely on financial rewards. Providing non-financial benefits to your employees can help to generate a positive association with the workplace, giving skilled employees incentive to remain in your company's employ.

Some great non-financial benefits to offer your employees include awards and recognition, casual dress days, and employee parties. These types of compensation are designed to boost employee morale, making your company a desirable place to work.

Creating the right type of compensation strategy is critical when it comes to attracting and retaining the type of employees that can help propel your company to success. Be sure that you are incorporating performance-based pay, competency-based pay, and non-financial rewards into your compensation strategy to create a compensation package that will appeal to qualified employees. Contact a company like Fox Lawson & Associates, A Division of Gallagher Benefit Services Inc. to learn more.

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1 March 2017