Raising Retention Methods
Want to pay your star employee more or reward excellent work, but don’t have money in the budget? Whilst you need to pay appropriate market salaries to attract and retain top talent, money is not the only motivating factor when it comes to retaining staff.
So at this time of year when businesses are thinking about performance/salary reviews, what retention methods can you employ other than offering a raise?
Here are just a few of the options available:
- Rostered day off (RDO)
Offering a regular RDO to compensate for extra time worked after hours or on weekends is a great incentive to show your appreciation for an employee’s efforts.
- Set up a mentoring program
A mentor can help challenge, motivate and further a person’s career and can push them up the corporate ladder in terms of personal and professional growth.
- Offer additional leave
Some employers offer five weeks of annual leave instead of four as an additional incentive. This will not change an employee’s yearly salary.
- Provide tuition reimbursement
If your staff are thinking of professional development studies, offer to pay or part pay for their tuition.
- Memberships to organisations
Offer to pay for membership to relevant industry organisations. Industry memberships not only provide valuable resources, networking opportunities and industry support, they also give their members a great deal of credibility.
- Flexible working arrangements
Providing flexible work arrangements can be a powerful tool in retaining employees. Flexibility may be the reason an employee chooses to stay with you in spite of the lure of higher wages elsewhere.
- Recognise and reward your team
Sending your employees on a conference or seminar is a great way to reward and acknowledge their contribution.
- Increased responsibility
Increased responsibility can be very welcome for the right employee and is an acknowledgement of your trust in their work. However, be aware that some employees could perceive this as simply more work with no reward. If you are increasing responsibilities, seriously consider reflecting it in their job title. A better job title can mean more to some employees than money and is an official recognition of their abilities.
- It’s the small things
Don’t forget that small things can go a long way toward employee satisfaction. Getting staff involved in charity events, celebrating birthdays and milestones all contribute to employee satisfaction and help to build morale.
The added benefit is that many of these options could be a tax deductible expense for your business.
If you have been reading our newsletter, blog or industry publications, you will know how important it is to be proactive when it comes to employee retention.
Employees that can visualise their career progression and know they are working towards their professional goals will feel more empowered and are more motivated than those who can’t. These goals commonly include increased pay, more responsibility, a better job title and flexible work arrangements. Find out what goals are important to your employees (apart from pay) and implement a program to help them get there.