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How to get more out of your compensation management efforts? Learn what compensation management is and why it is important to increase employee retention , motivation, and productivity. Compensation practices continue to evolve as economic factors, industry changes and employee demands transform.
Whether or not these compensation policies are helping employee retention, boosting productivity, or otherwise making the best use of your compensation budget is a mystery. . This correlation between pay and performance, satisfaction, and retention exists everywhere. How Bad Can it Be? appeared first on Visier Inc.
Did you lose a key employee or department, and the overtime is to compensate for this? Identify the cost savings of retention programs by analyzing the direct and indirect costs of turnover in relation to compensation, absenteeism, productivity, and learning and development. Why are you overspending on your overtime budget?
There are no simple fixes, but a successful retention strategy must start with measuring the most important HR metrics. While they can be measured manually, employee retention analytics software makes it easier to measure them at scale. Use them to help guide decision-making and planning HR initiatives that visibly impact retention.
Sabre combined lagging indicators, like compensation ratios and team makeup, with Visier’s predictive analytics to create a scale for high-performing employees at risk of exit. Regrettable attrition dropped by 1.5%, with Sabre’s team working on getting it back down its original 5% level.
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