Key Points
According to a study, on attrition and its connection to rewards, companies that provided nonmonetary rewards to employees reported an attrition rate of 11% in 2022..
work options, company-sponsored holidays among policies that help employers arrest attrition and attract top talent.. Non-monetary benefits such as flexible work options, company-sponsored holidays and car on lease can play a key role in arresting attrition and attracting the best of talent, say human-resources (HR) experts...
Monetary benefits, though, played a bigger role in enticing employees to stick to their existing jobs, as attrition was only 5% at companies that rewarded performance with cash...
This study looked at attrition rates for employees who received monetary rewards in 2022 and compared them to employees who received non-monetary rewards and those who did not receive any reward, said Advantage Club cofounder and chief executive Sourabh Deorah...
Companies cited holiday & experience programmes, lifestyle-based leaves and sabbaticals among other policies that are helping them retain employees.. Tata Steel in recent years has introduced remote working, including from home, for its employees, among other benefits, a spokesperson said..
