For any HR manager, being able to not only attract top talents, but retain them so that they provide the maximum possible value for the company can be a huge challenge. One way in which many companies try to be competitive in the jobs market and attract top-notch talent is to offer “competitive” salaries, basically trying to outbid their competitors to get the attention of potentially high-value employees, and to keep the employees that they do have.
However, simply increasing salary does not necessarily motivate people to perform better, or stay with the company. While providing fair compensation is an important element of attracting and keeping valuable employees, pay is not the only concern that leads to top talents jumping ship.
With this in mind, how can you retain talent? If pay isn’t the issue, what can you do to focus the conversation with your top talents away from salary and still retain them?
To help answer the above questions, we here at Simon Shirley Advisors have assembled a few tips to help you find alternative ways to retain talent aside from simply offering them more money when money isn’t the problem.
Tip #1: Foster Positive Manager/Employee Relations
Many times, when people quit, they aren’t leaving the company, they are leaving a manager. It is a commonly-accepted statement that the biggest factor in an employee’s decision to leave a job is their manager.
However, what makes for a great manager/employee relationship? The answer to this may vary based on your company’s corporate culture. One way to help foster good relations between management and employees is to take some time examining both and finding out what is and isn’t working right. Encourage open communication and identify the root cause of problems so that employees know that their concerns are being addressed, or at least why a particular complaint cannot be resolved at this time.
Communication is a basic building block of earning trust, which helps to drive engagement, productivity, and retention of talent.
Tip #2: Emphasize Career Development
Employees need to know that they’re going somewhere in the organisation. Without some kind of plan for the future, they see the job as just that: a job, some place to go do some work and collect a paycheck. However, by creating and following realistic job growth and career development opportunities, you can demonstrate to employees that they are valued, and that they can build a career with your company.
Demonstrating that there are advancement opportunities helps employees to visualize the answer to that age-old job interview question “where do you see yourself in five years?” Creating that vision for an employee gives them the motivation to work their way up the ladder.
How can you demonstrate career development opportunities within the company? Having examples of current and past employees who have worked their way from a lower rung of the company ladder up to a higher-level position helps. Another idea that can help is to offer education incentives and provide opportunities for employees to pursue said higher education while at your company. When doing so, specifically aiming such opportunities at degrees aligned with what your business looks for in a senior employee helps you avoid difficulty in finding qualified staff later on down the line.
Tip #3: Take Suggestions from Employees
While not everyone will know exactly what they want until they no longer have it, taking the time to listen to employees’ concerns and ideas can help you retain the talent you have, even though you may not be that employee’s direct report. Although you may not be able to act on most of what employees tell you, the mere act of listening can help show employees that they matter.
As stated in a Chron.com article on small business management, when you listen to employees “the level of trust rises between yourself and your workers and performance problems decrease.” Of course, you can also work with employees’ direct reports to stress to them the importance of listening to employee concerns and ideas as well.
Not only does having managers demonstrate good listening skills help improve employee morale (and thus productivity and retention), you never know when an employee might have a great idea for improving your company’s productivity that you can actually act on or pass along to an upper manager to act on, with all credit for the idea being placed where it is due, of course.
These are but a few ideas for improving employee retention and attracting new talent that you can use. For more ideas and advice, contact Simon Shirley Advisors today. Our employee benefits advisors can assist your company in creating and implementing top-notch benefits plans to help drive employee retention and attract great new talent.