Compensation Strategies Companies Use to

Attract Talents
• Rewarding high performers
• Using variable pay, for instance, bonuses
• Improved communication and pay
transparency within the organization
• Using paid medical benefits
• Introducing Job offers with job roles
Compensation Strategies Companies Use
to Retain Talents
• Establishing SMART goals
• Provision of non-financial benefits
• Using a merit list to reward companies' top
performers
• Payment of both salaries and incentives
• Determining what close competitors are paying
• Leveling up employee engagement strategy
• Offering more opportunities for professional
development
Three Best Compensation Practices Used
by Companies
• Use of pay brand or pay philosophy which
articulates why the company pays as it does.
• Use of pay transparency Spectrum. This
practice drives positive perfection of fairness
thereby increasing employees engagement.
• The act of rewarding top performers. This may
involve; giving them flexible work schedules
and location, career development, paid time
off and incentives.
 Rationale For Companies Best
Compensation Practices
• Rewarding top performers increases other
employees' motivation hence high business
performance.
• Pay transparency practice leads to job satisfaction,
which makes employees stay in a given
organization.
• Companies' best compensation practices, such as
pay philosophy, helps in attracting top talents and,
at the same time, boosting the loyalty of the
employees.