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their overall experience. Wellness programs that focus on physical and mental health, such as gym memberships and mental health days, can improve employee well- being. Providing additional paid time off and financial planning assistance can also contribute to higher retention rates. Empowering Managerial Leadership Managers play a pivotal role in employee retention. According to the Gallup study , 70% of leavers can be prevented by taking actions related to how they are managed daily such as creating positive personal interactions with their manager, addressing frustrating organisational issues etc. Therefore, training leaders in empathetic communication and conflict resolution is critical. Training managers with advanced leadership programs will equip them to connect effectively with their teams. Flexible Work Models Offering flexible work models is increasingly important in today’s job market. Hybrid work arrangements, where employees can work both remotely and, in the office, will address employees’ growing demand for flexibility. Additionally, innovative approaches, such as 4-day workweeks can also be an
quickly. Retention-friendly HR practices should be backed by modern payroll systems that ensure: Accuracy in pay and tax deductions Transparency in payslips and benefits Timely reimbursements and final settlements Self-service tools that empower employees Personalised Growth Paths Employees are more likely to stay with an organisation that invests in their professional development. Offering upskilling opportunities, such as training programs and workshops, can help employees acquire new skills and advance their careers. Internal mobility programs that allow employees to explore different roles within the company can also be beneficial. Clear succession planning ensures that employees see a future within the organisation, reducing the likelihood of turnover. Innovative Total Rewards Framework Redefining total rewards to include more than just monetary compensation is vital. Flexi- benefits, which allow employees to choose benefits that best suit their needs, can enhance
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GLOBAL PAYROLL MAGAZINE ISSUE 12
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