Total compensation is more important in attracting workers than retaining them. That’s the conclusion of a study of 1,000 employees working for mid- to large-sized organizations.
The Towers Watson’s 2010 Global Workforce Study asked workers what attracted them to an employer and what kept them on the job. When it came to attraction, competitive base pay was first, followed by vacation/paid-time off, health care benefits and retirement benefits. The only non-compensation item was career development opportunities, and that was ranked fourth. But when it came to retention, the study found that the total compensation package was fourth, after career development opportunities, leadership, and empowerment.