Corey M. Rosen, the executive director for the National Center for Employee Ownership states a strong stock plan can cut employee turnover up to half. Payment on commission has been common on the sales end for years. But the industry is now seeing more operations employees earning the bulk of their compensation through bonuses and or commissions. Perks to a compensation program don't have to cost a great deal of money. And the message they send to the employee can mean increased loyalty and reduced turnover.
Many perks now focus on helping the worker succeed as both an employee and as an individual.
Common incentives include reimbursement for tuition on qualified programs, retirement plans, child-care subsidies, and flexible schedules to attract working parents. Improving the work environment Most people spend more time with their co-workers than they do with their families. In fact, for many workers, the workplace functions as a surrogate family, with the worker looking for support, encouragement and appreciation. The extent to which employers can provide this type of atmosphere can be a good determinate of how successful they are in reducing turnover. Here are some non-financial tools some employers are using to help boost retention rates.