"The idea is that you should offer greater rewards to those who go above and beyond and who impact your company for the better. Equity still matters, yes, you need to pay attention to fairness and make sure you're adhering to the EEOC regulations, but more and more organizations are seeing positive results from this kind of approach," Low says.
In Lieu of Cash ...
If compensation increases aren't in your budget, there are ways to reward your talent that don't involve cold, hard cash. Offering flexible work schedules or the opportunity to telecommute can actually make employees more productive and more engaged with their work, can reduce attrition and increase employee satisfaction, according to research from Global Workplace Analytics.
"Just by showing you're willing to be flexible; that can go a long way," Low says. "All employees really value that flexibility and the freedom not to worry if they have to take their child to the doctor, or attend a school function without stressing about every twenty minutes they weren't at their desk," Low says. "Obviously this differs by industry and role; sometimes remote work isn't an option, and generational differences also come into play. Millenials, for instance, really value this type of work-anywhere, anytime option," he says.
The opportunity to perform "meaningful" work can also be a powerful motivation, he says. "This is becoming more and more important for employees," Low says. "This can mean anything that helps an employee make a difference not just in their life, but the ability to take on projects that impact the larger world, the environment, social issues," he says.
Sign up for CIO Asia eNewsletters.