Look beyond salaries, if you want to retain your best hands in the business. Rewarding higher salaries is a good option but not an end-all. Higher figures are a necessity and for skills much sought after in the market, can be overtaken by competition which may get increasingly difficult for you to match every time.
Next to salary, work life balance plays an equally important role in retaining employees. What commonly goes around as “too much work, too little time”, has an infectious negative impact on employees and requires immediate corrective attention.
Overcoming limits on salaries and balanced work life, the other most important driving factor in employee retention is to treat one as an ‘asset’ to be valued and nourished and not just any one else in the fold. Companies need to make an employee feel that his or her contribution is of outmost importance to the business. Thus comes the need for reward and recognition programs for high performers.
Peer recognition goes one step ahead from regular R&R to create a more personalized working relationship. Appreciation from a colleague creates a ‘warm and friendly’ environment which increases collaboration and motivates one to grow as a team.
A respectable salary, suitable work life balance, sense of being valued and recognized are all contributors to create an engaged workforce. However, high performers who thrive on a challenges thrown at them are driven by a sense of purpose and the need to be a part of something bigger they can foresee. Inspired employees contribute to a much greater degree to the organization’s goals and objectives. By keeping employees inspired and involved in the business, offering them challenging assignments, and recognizing their valuable contributions, stands a good chance against higher-paying competitors.