Whether you are a small HR start up or an internationally renowned large corporation, finding ways to retain your best talent is very important.
For employers, the job of finding as well as retaining the best hire is challenging owing to competition, shortage of skill and automation of some of the roles.
Now more than ever, you need to think beyond traditional salaries as a way of motivating your staff. Non- monetary incentives are becoming more popular especially for organizations that aren’t in a position to offer higher salaries but need to attract and retain the best talent.
In this article, I will explore the benefits of flexibility in remuneration as the new talent retention strategy for any employer going forth.
But first let’s look at why rewarding staff is very important
Ensuring that your staff’s efforts are equivalent to their take home salary is very important if you are to retain and attract the best out there.
A happy task force is a vital component of any thriving company as work place happiness has been tied to productivity, creativity and employees job satisfaction.
When you pay them well, they are more likely to reward you with loyalty making it harder for them to leave your organization for “greener pastures”.
Offering a competitive salary is also beneficial to you as an employer because it serves to cement your reputation in the industry.
For instance, why is it that a majority of employees want to work for multinationals and non-government organizations? This interest is closely tied to competitive salaries that these companies offer.
Why traditional remunerations are no longer the better option
Rewarding employees is one of the best ways of reducing turnover but that does not necessarily mean that increased salary is the only thing that will make an employee stay.
In a recent research, it was found that more employees prefer work life balance over salaries clearly indicating that money is no longer everything to the 21st century employee.
As such, as an employer you need to consider non-monetary benefits like flexible working hours and allowances.
Other benefits that you can offer to both new and existing employees include; medical benefits in terms of insurance, work from home options where you could designate flexible work from home hours each month or permission to work on large projects from home or even holiday or travel allowance.
As an employer, in order to attract and retain the best talent, you need to diversify your remuneration options to focus on more than just salary. As you have seen, money may be everything but it’s not what is going to keep those employees loyal. After all, what happens when they are offered more at another company? It’s those long term benefits that affect their lives directly that will make them stay.