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The most widely recognised method of attracting and retaining good employees is through remuneration packages. This is because a good remuneration package can have a positive effect on a person's standard of living.

Remuneration refers to money or substitutes for money. This may include wages, salaries, commissions and bonuses, incentive plans and allowances. The total value of all these items is called a remuneration package.

Remuneration packages should relate to factors included in the job description such as roles and responsibilities. Positions within your business may come with different levels of stress, difficulty and workload, so an employee's remuneration should reflect these differences. Higher level job requirements will generally yield better remuneration.

While a remuneration package is often seen as a way of luring and enticing staff during the recruitment process, it can also be used as a valuable tool for retaining good people, as shown on the Workplace Development Tasmania website. When good performance is recognised, it may be appropriate to have a meeting with your employees individually to discuss changes and additions to their remuneration as a reward for good performance.

It can also be used as a method of retaining staff members who have indicated that they might change jobs within the near future. By discussing this option with them you can ascertain as to whether or not a change to their remuneration package would make them more likely to stay.

It is also important to remember that many employees would like to keep their individual remuneration packages confidential. This is a good idea as it can help prevent awkward situations, jealousy and workplace disputes. However you should remain fair and offer similar packages to people who do the same jobs and not base appraisals on discriminatory or personal factors. Information regarding this issue can be found at the Department of Education, Employment and Workplace Relations website.