Rewards & Benefits
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Rewards play a huge part in encouraging positive behaviours and cementing values in the workplace whilst benefits can play a huge part in motivating, retaining and attracting employees.
Employers should give special attention to employee benefits so they can meet the needs of their workforce while improving retention levels and reputation.
A detailed rewards & benefits policy should be written for an organisation which includes salary, bonus and incentive schemes. These might include:
- Company cars
- Life assurance
- Profit sharing
- Dental plans
- Medical insurance
- Capital bonds reward schemes.
The right rewards and benefits schemes ensure that hard-working employees are rewarded fairly and in the most cost-effective way for the company. This in turn motivates employees to sustain their performance.
The rewards and benefits schemes that a business offers and manages are not only important for retaining and motivating employees, but also for attracting new people to the company. Salary and incentive packages are one of the main reasons why people apply for specific jobs. The more attractive compensation and benefit schemes tend to generate more interest in new positions.