question each year the human resources department of a large life insurance company checks the average compensation for employee salaries. they inform management about any changes needed to remain competitive in the market. by offering currently competitive compensation for employees, what is the hr department trying to accomplish?

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21-11-2022
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question each year the human resources department of a large life insurance company checks the average compensation for employee salaries. they inform management about any changes needed to remain competitive in the market. by offering currently competitive compensation for employees, what is the hr department trying to accomplish?

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Parrain Parrain · Answer 1 · 2022-11-29T11:22:38+01:00

The goal that the HR department is trying to accomplish by remaining competitive in the market , is to reduce turnover and increase employee retention .

How can HR improve employee turnover ?

HR departments will often try to improve the turnover of employees by trying to ensure that their working environment is good enough to convince them to stay .

A huge part of doing this is by offering competitive salaries. By offering currently competitive compensation to employees, there will be less reasons for employees to leave, thereby maintaining employee rates .

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