LOSS is a permanent feeling that humans are genetically programmed to averse. Be it a friend or more importantly, from the perspective of an employer, its eternally beloved employees. That being the case, one of the measures that an enterprise deploys to retain top talent, is Variable Pay. But, how could such an information be leveraged to an advantage, if its significance resides in the shade of obscurity? Remember the part of your employee compensation that encapsulates quarterly bonuses, deferred payments, annual holidays and the likes? They are the timely treats that your company should, and for most reasons would make way for, from its allocated budget.
Knowing what it is, a professional should inexcusably be aware of the factors that affect variable pay. Your boss’s boss’ boss, would not give way to it until the time they see reasonable productivity, effective teamwork, and contribution in regards to their targets. And mark the words, those who earn it, sweat their efforts out to claim it!
Being the icing on any basic salary figure, it is used to first retain & even recruit. Preparing something for everyone could sound a bit far-fetched. Still, to stitch the fabric of such incentives flexible to the workforce is to invite promising talent. First-rate companies should be able to answer:
1. How much are you paying?
2. Who qualifies to earn it?
3. How can an employee earn it?
It becomes the duty of a pro-active HR unit, to make the workforce feel this gratitude. But it doesn’t stop there. Improvement measures require being followed by digging deep and mining out the expectations of people.
Think of the impact that such a word of mouth publicity generates. Remember, that someone in your peer circle, who makes a lot of noise about the family trip sponsored by their company. Ain’t that true? Pampering employees within such professional bounds makes up for a well thought out strategy to gain the image of an industry leader.