FOR IMMEDIATE RELEASE:
Mark Stocker, CEO of MetalJobs – A member of the Sanford Rose Associates® network of offices, Featured in Monster, Compensation Tactics to Retain Mission-Critical Talent
By John Rossheim
With unemployment low and highly-skilled professionals in high demand, it’s time to reevaluate your compensation strategy to help retain top performers. Otherwise it’s way too easy to lose key people to the competition.
Simplicity and clarity are key to pay satisfaction. Your compensation strategy should be pithy enough to serve as an elevator pitch to retain top performers. Mark Stocker, president of recruiter SAN Inc., says there are two keys to making this happen. First, create a simple compensation plan that doesn’t change.
Second, allocate a much greater proportion of your compensation budget to people who have great success and long tenure. Sales commissions at SAN start at 25 percent and reach up to 50 percent, with equity kicking in along the way. “It’s key to be clear about compensation from the start of an employee’s relationship with the company,” says Stocker.