Bringing the best talent to your organization, however, that is not enough. Successful organizations have more than monetary incentives.
According to a recent survey in Silicon Valley, over 50% employees believe they would earn more money by switching jobs. Money alone is not enough. Additional incentives help retain key employees and help employees remain both efficient and productive.
Retaining Key Employees
The process of keeping employees should be considered even before hiring them. This process should be maintained throughout an employee’s career with you. Also, retention-related topics should be incorporated into meetings and organization-wide communications.
Giving employees feedback is a critical component of a successful retention plan. They want to know that their individual contributions are acknowledged and appreciated. In addition, according to Dice, the most important factors for job satisfaction as stated by employees are:
- Interesting work
- Challenging assignments
- Learning new skills
- Improving current skills
- Career path potential
Retaining your key employees will save you time and money. It will also raise productivity and efficiency.