Keep Employee Retention Rates High With Unique Compensation Strategies

In a climate where job-hopping is the hottest trend, an enticing employment compensation package is the key cold front to cool the storm. Successful managers offer multi-faceted packages that aim at improving their employee's quality of living, rather than completely focusing on padding their employee's pocket book.

Various companies currently are expanding from the contemporary compensation packages of stock options and benefits with good results. For instance, the August 2000 issue of Inc. Magazine reported that DWL, a Toronto based customer-relationship management company, gives each of its workers $1,000 a year - only to be used on something fun. That doesn't include paying off a credit card bill or contributing to a retirement fund. The only condition of the program is that the employees have to post pictures of their fun outing on a centralized corkboard so everyone can enjoy the experience. DWL started this enjoyment-based compensation in 1996 and since its debut the company has held a 98 percent retention rate, Inc. reported.

DWL's high retention rate is rarely heard of because the concept of a career with a single company is long gone. People today not only change jobs at least three times in a lifetime, but a good portion of the population changes careers multiple times.

By implementing the following workplace perks, you may be able to recruit the most talented employees and maybe even retain them as well.

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