Description:
Design a compensation strategy to improve employee retention and reduce turnover.
Duration: 8-12 weeks
Major Activities:
- Conduct exit interviews and retention analytics to identify key drivers
- Benchmark retention-based compensation models in the market
- Develop salary progression, long-term incentives, and recognition programs
- Align rewards with employee career development paths
- Implement communication and HR policy updates
- Monitor retention rates and adjust strategies as needed
Deliverables:
- Retention compensation and benefits strategy document
- Employee retention analysis and benchmarking report
- Salary progression and incentive structure
- Employee recognition and engagement framework
- Retention impact assessment and monitoring tools
Project Tips:
✅ DO:
- Align rewards with career growth and employee needs.
- Use non-monetary benefits alongside financial incentives.
- Continuously measure turnover impact and adjust strategies.
❌ DON’T:
- Assume salary alone will improve retention—career development matters.
- Ignore generational differences in benefit preferences.
- Implement retention incentives without monitoring results.