In order to remain competitive, you need qualified and motivated staff members to effectively run your business. Although advances in medical and computer technologies have required a more educated workforce, the renewed focus on service quality and delivery has required superior skills, attitudes and abilities. Additionally, the low unemployment rate and tight labor market have created additional challenge in attracting, retaining and motivating these qualified individuals.
Ans is Compensation plays an effective roll to retain employees
as compensation has mainly two parts
1 st is Monetary compensation
2 nd is Non Monetary compensation
to retain skilled talent u can increase his salary , offer some incentives, Some more leaves & as many things ...etc ....
Non monetary is a thing in which generally employer give some interesting working assignment
& sometime tickets to some famous places......etc
Yeah it increases the performance of an individual as if one employee is motivated & feel as his/her company,that cant be ensured...
To motivate employees compensation helps u
as in our India generally people first think about money or salary first
9th April 2010 From India, Ahmadabad
NST is a payroll management software developed in Excel that has the following feature.
1. HR Master Creation Module
2. Adjustment Module
4. Month End Module
5. Reports (Salary, PF, ESI, TDS, Payslip)
6. Generate New Designation, Department, Location, Bank Master
9th April 2010 From India, Gurgaon