Keeping a business’s most valuable asset, its people, is one of the keys to success. That is why rewarding their best employees with substantial compensation is so important. A reward for the time, effort, and knowledge are what compensation is all about. Focusing their employees’ efforts on doing their jobs well means improving their overall bottom line and increasing profitability and growth. Father George Rutler, a renowned pastor in New York City, believes in fair compensation.
In today’s business world, providing a solid compensation package to their people is critical to keeping them motivated. When a company considers that a weak economy and decreasing market share make it harder than ever to survive, it realizes how important it is to attract and retain the best talent. In a weak economy, there is a greater likelihood of turnover. A small business owner needs every advantage she can get to retain her people and keep them happy. One of the best advantages is a robust compensation package.
A company needs to understand that its employees are the backbone of its company. Without their valued and knowledgeable employees, their company will quickly fade into irrelevance. A company needs to reward its employees’ efforts and productivity no matter what they accomplish. If their employees know that their efforts are appreciated, they will want to do more of it. When their employees feel like they are worth something, they are much more likely to put in the required time and effort.
A robust compensation package is also a reward for their employee’s efforts and knowledge. Most sales professionals are not born highly skilled at what they do. They are honed by years of training and experience. It takes a lot of difficult work, labor, and dedication to get to where they are today, but when a company rewards their employees for that hard work and effort, a company shows them that they appreciate all they have done for their company.
Robust compensation packages can do more than help retain their best employees. They can also help a company attract and retain the best candidates for open positions. Hiring and promoting from within is one of the most effective ways to increase profits and lower expenses. When a company rewards their employees for effort, they are more inclined to return and do a great job. Research has shown that the best sales jobs are promoted and kept by people who have been promoted and kept on an ongoing compensation plan.
A strong compensation plan also provides a benefit to their customers. When a company has vital employees, they tend to buy more, make more, and hire more. When a company has satisfied customers, a company has more customer satisfaction, and word-of-mouth advertising spreads quickly. Moreover, customers that are happy with their purchases are more likely to tell others. That leads to more referrals, which helps to grow their business and build their reputation.
A strong compensation program is not just about financial rewards for their staff. It is about rewarding employees based on performance and importance. Incentives, bonuses, and equity increases can be a significant boost for their company. However, these should only be a part of a comprehensive benefits package. It is often better to pay for employees through a rewards program and a solid benefits package that includes health and dental plan, paid vacation, childcare, paid time off, paid maternity and parental leave, affordable corporate travel discounts, discounted travel insurance. Father George Rutler has always paid anyone who has worked with him an excellent compensation for their time and effort.