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Retaining Employees Assignment
Retaining Employees Paper
I would say that money is not the only thing that keeps employees in an organization. Workers require both non-monetary and monetary incentives. Luke 10:7 highlights that by giving the employee their wages and a satisfactory surrounding, they will not shift their loyalties, as follows, “Stay there, eating and drinking whatever they give you, for the worker deserves his wages. Do not move around from house to house” (Bible, n.d.). Monetary incentives are perceived to be important because they are the first things that people examine when they want to get a job. Often, individuals will identify how much the job pays and whether it aligns with the expectations and duties. They will also analyze whether the money will be enough to cater for their housing, transport, bills, and other needs. Hence, a well-paying will be attractive to employees and make them stay longer in a firm.
However, the company must also address non-monetary needs in what is termed as a strategic reward system that focuses on four aspects: benefits, compensation, appreciation, and recognition. The strategic system is essential for top performing employees who may have exceptional salaries and benefits, but lack appreciation and recognition. Such workers tend to have high-performance outcomes, high promotion potential, hard to replace, high intellectual capital, and strong KSAOs (Heneman, Judge & Heneman, 2014). Aside from giving them hefty bonuses and paychecks, the company can focus on non-monetary aspects, such as their job motivation and satisfaction.
Non-monetary benefits are critical towards preserving a capable workforce or team. They range from healthcare benefits, retirement benefits, vacation time, a comfortable job environment, among others. Healthcare benefits are crucial in today’s environment where insurance is mandatory for citizens. The organization can establish a collective insurance plan that covers all the employees so that it gets a suitable discount from the insurance companies. laborers also appreciate a company that looks at their future after employment (Hom et al., 2017). ...................GET A PLAGIARISM FREE COPY