What You'll Learn
Traditional Bonuses: Retention Needs More
Bonuses were created way back in the Industrial Revolution. Employers were looking for ways to create loyalty, and they were mostly used as a balm to cover up poor employee experience. “You worked 12-hour days with no breaks without sitting down even once? Here’s some extra cash.” Luckily, bonuses have come a long way since then, but they still have some issues (like creating feelings of unfairness, or unrealistic expectations, or temporary compliance, to name a few).
What is Reward Compensation?
Reward Compensation is a form of compensation that is given to every employee. It doesn't count as part of the employee’s regular salary and it's rewarded at regular intervals. You choose whether you want to use it for a regularly-given bonuses, for travel incentives, for service awards, or even for a long-term retention strategy. Any way you want it, that's the way you get it.
Why Reward Compensation?
You can't afford to hoard your bonuses until end-of-year parties only to see employees leave in droves every January. (It's a real thing. We've got the stats to prove it). Change the way you think about bonuses and see improved employee engagement (2X), reduced voluntary turnover (31%), increased productivity (17%), and much more.