Reward and Retention
In today’s highly competitive employment market, what makes people stay with a company? Why do some firms have a high turnover of staff and others have little problem keeping their key players?
Reward and retention go hand in hand. And it is important not to fall into the trap of assuming that reward is simply about money.
Retention is all about motivation. And, contrary to popular belief, it’s not only money that drives people. Certainly not in the professional world. It is relatively rare for people to leave jobs in which they are happy, even when offered higher pay elsewhere. Most staff have a preference for stability.
Did you know that employees’ key motivators are clear career paths and opportunities, and recognition by the company and by co-workers?
So, reward and retention is all about considering creative ways to maintain your employees’ motivation that is appropriate to them. Everyone has different priorities at different times of their lives. In today’s competitive recruitment market, it is important to understand what drives your core staff.
Just think, if you are young and just starting out, you crave new experiences to broaden your skill base and are keen to learn. The availability of training and learning support will be an important factor in decisions regarding employment. Mid-career, you are more likely to desire family orientated opportunities such as flexible working. Later in your career, pensions may become more of a focus. These are just a few examples.
Successful retention is all about providing a well-rounded “buffet” of benefits for your employees at all stages of their career. Recognition need not be a pay rise – it can be as simple as a thank you, a mention at the staff meeting, a photograph and article in the staff magazine, the chance to present to the staff their part of the project – there are so many ways of making people feel part of the team.
Our research methodologies based upon industry benchmarking will pinpoint the specific demands of your organisation and help you to create a cost effective but attractive reward package, together with advice on internal policies that will support both the needs of the business and the aspirations of your employees.