Not all retention strategies require a major financial investment. Here are some cost-effective ways for improving retention.
(this blog post is adapted from a CareerBuilder US article)
As the economy improves and hiring heats up, some employers fear losing their best workers to greener pastures. Your top performers may entertain offers with higher salaries than you can afford to offer, but luckily, not all retention strategies require a major financial investment. Here are some cost-effective ways for improving retention.
1. Recognition
The first and often most effective thing employers should do to keep their top performers from jumping ship is – quite simply – showing them how valued they are.
2. Work-life balance
Next to salary, nothing tops work-life balance in terms of employee satisfaction. That makes it your best weapon in the fight to keep your top talent. Allowing and even encouraging employees to take advantage of a flexible schedule is an easy and cost-effective way to show them their life outside of the office matters.
3. Challenging projects
It may seem counterintuitive, but giving your top workers more difficult projects can actually help convince them to stay. High achievers thrive on a challenge and will often fly the coop when they feel like there’s nothing left for them to accomplish.
4. Bigger picture
Many top performers are driven by an urge to make a difference and be a part of something bigger. If they start to feel like they aren’t working towards or achieving a larger goal in their current position, they’ll often start to look elsewhere. In order to keep the company’s mission fresh in employees’ minds, employers should invite their employees to participate in high-level brainstorming and strategy sessions on a regular basis.
Take-home pay is only one part of what employees look for in a job, but salary alone isn’t enough to keep them happy and productive. By keeping your employees engaged and involved in the business, offering them challenging work, and recognising their valuable contributions, you’ll stand a good chance against higher-paying competitors.
