Longevity Pay - Rewarding Retention
SE.Longevity Pay

Inside This White Paper

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What Is Longevity Pay?

Longevity pay is a compensation strategy that rewards employees based on their length of service with an organization. Unlike other incentives, which are typically aimed at motivating specific behaviors and future outcomes, longevity pay serves as a retroactive reward, acknowledging an employee’s commitment and contribution over time.

Benefits of Longevity Pay

Developing and implementing a longevity pay plan can help an organization keep a team of knowledgeable professionals. In industries with high turnover rates, such as technology, hospitality, transportation, and other professional and trade services sectors, longevity pay acts as a tool to encourage continued service, reduce hiring and training costs, and promote a culture of loyalty.

Conclusion

Longevity pay serves as a beneficial incentive, acting as a strategic investment in the organization’s human capital to promote retention, loyalty, skills, career growth, and organizational reputation, as well as assurance of project and operational processes and outcomes.

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Compensation Data From SalaryExpert

We have salary information and cost of living data for thousands of job titles and locations around the world.
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About SalaryExpert

SalaryExpert, powered by ERI, was launched in 2000 with a mission to provide employers, human resource professionals, and job seekers with compensation data. Backed by over 30 years of verified and reliable salary data, SalaryExpert draws on ERI’s expertise in salary and cost of living data to provide the public with excellent tools for evaluating career, relocation, compensation, and education decisions. We want to make your compensation planning and career evaluation easier with access to salary survey data for more than 8,500 locations, 1,100 industries, and 11,300 jobs including 800 executive positions.
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Our Process

Data are gathered from 3 sources: surveys we conduct, surveys purchased from other organizations, and reports from publicly traded organizations.

SalaryExpert conducts advanced analytics to accurately capture the market value of each occupation in our salary survey database

Explore SalaryExpert’s wage, salary, and compensation databases of over 11,000 job titles, 1,100 industries, and 8,500 locations.

After compiling the data, we conduct QA to ensure data are of the highest quality.

SalaryExpert analysts double-check the results for each job every quarter.

Data Collection

Data are gathered from 3 sources: surveys we conduct, surveys purchased from other organizations, and reports from publicly traded organizations.

Data Verification

After compiling the data, we conduct QA to ensure data is vetted, verefied, and of the highest quality.

Analysis

SalaryExpert conducts advanced analytics to accurately capture the full scope of each occupation in our salary survey database.

Quality Assurance

SalaryExpert analysts double-check the results for each job every quarter. Our verified salary survey information helps set the benchmark pay.

SalaryExpert Results

Explore SalaryExpert’s wage, salary, and compensation databases of over 11,000 job titles, 1,100 industries, and 8,500 locations.