Performance Based Reward: Vital Elements of Attracting and Retaining Key Employees
As corporations struggle to navigate the current economic storm, human resources compensation professionals are challenged with developing reward philosophies that support corporate strategy and contain costs. Performance-based rewards can increase retention among high performers and may increase turnover among low performers.
People who feel recognized demonstrate a stronger desire to help the company grow and succeed. Therefore, having a pay for performance or incentive program worked into your organizational structure could leverage employee engagement and overall organizational performance.
Dan Rozycki, President of The Transtec Group, discusses with Human Resources IQ how to implement a pay for performance structure that is realistic, achievable and valued by employees while helping in the succession of the organization at large.