Approaching comp differently to remain competitive

Right combination of transparency, incentives and manager training motivate and engage employees
By Wendy Brown
|Canadian HR Reporter|Last Updated: 11/13/2017
Carrot
Compensation can be a strategic differentiator to both attract and retain talent, and meet business goals. Credit: ImageFlow (Shutterstock)

Today’s workforce is changing dramatically, and as competition grows for certain jobs and the economy improves, retention is a top priority for many employers. Compensation can be a strategic differentiator to both attract and retain talent, and meet business goals.

Retention a top concern

This year, 56 per cent of organizations agreed or strongly agreed employee retention is a major concern for their company, according to PayScale’s 2017 Compensation Best Practices Report, which gathered information from 7,700 respondents in the United States and Canada.