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Impact of Compensation and Benefits on Employees Retention
Abstract
In our current global economy, people are actively looking for greater job possibilities, progress and more businesses are expanding globally. As a human resource management strategy, compensation and benefits are a powerful instrument for employee retention and incentive. The aim of the study is to explore the best employees' compensation and benefits to boost employees' retention. This study also examines the factors to be considered when developing a benefits and workers' compensation structure by the organizations. Both primary and secondary data were used in the study. The primary data were gathered through the questionnaire. The study found that proper hygiene facility, health insurance, career advancement was amongst the top priorities of employees. It was also found that, morale improvement, experienced employees, increased productivity were amongst the benefits to organization from employees' retention. Market standards, industry wage rate and competitors' salary structure were amongst the factors which need to be considered before planning the remuneration structure.
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