Perhaps your company has seen some of the best people, in terms of capability and performance in the workplace, move on to more lucrative positions with other companies. And it may not always be about money. Employee retention these days has a lot to do with perks, such as healthcare provisions and other enticements that make a job more appealing.
Due primarily to stiffer competition in business, you may be finding it more difficult, as a cost-conscious organization, to offer higher wages and more employee benefits in San Francisco these days. But compensation and benefits are the two main factors behind why a person stays at one job for the long haul, along with enjoying their work and being in a sound and peaceful work environment.
A Total Rewards program benefits employees and employers alike
This means you may benefit by providing, or implementing, some type of “total rewards” program that encompasses not only compensation and benefits but also personal and professional growth opportunities and a motivating work environment.
Most employers have had to find alternative forms of rewards that cost less to implement but that still motivate employees to excel. You may need to create a team that brings expertise in finance, employment law, HR information and payroll systems, as well as someone to represent both, the middle and lower layers of management in your organization in order to accomplish this.
Secondly, organizations have become much more strategic in their management of human resources. For example, some larger companies now treat compensation as well as training as rewards that must be managed together (rather than separately by different HR teams). Smaller companies can usually designate one person to handle these matters.
Lastly, you should include a HR professional with extensive total rewards experience and the ability to develop policies and procedures. No organization wants to see talented individuals going elsewhere seeking better opportunities. Make your San Francisco employee benefits plan a key component of your business strategy.