How can line Managers use compensation as a strategy in attracting and retaining highly qualified and experienced personnel in an organization?

Employees leave organizations for many reasons Employers need to listen to employees’ needs and implement retention strategies to make employees feel valued and engaged in order to keep them. These retention methods can have a significant and positive impact on an organization’s turnover rate.

Offering things like competitive salaries, profit sharing, bonus programs, pension and health plans, paid time off, and tuition reimbursement sends a powerful message to employees about their importance at the organization. The rewards given to employees must be meaningful in order to impact their perception of the organization and therefore have a marked influence on its retention efforts.

I believe through out my experience that more than% of employees leave their jobs for reasons other than pay: However,% of managers think employees leave mainly for pay-related reasons. but other main reasons shall be considered like:

1. Employees feel the job or workplace is not what they expected.
2. There is a mismatch between the job and person.
3. There is too little coaching and feedback.
4. There are too few growth and advancement opportunities.
5. Employees feel devalued and unrecognized.
6. Employees feel stress from overwork and have a work/life imbalance.
7. There is a loss of trust and confidence in senior leaders.