Driving Employee Attraction, Retention and Engagement without Breaking the Budget
Recognition and reward programs or schemes are no longer considered ‘nice to have’ for employees. In the current market, they are an absolute must if you intend to attract and retain top talent and engage your employees.
It comes as no surprise that employee engagement, on a global scale, is at an all time low, with nearly half of employees worldwide considering leaving their current jobs.
With salary, incentives, and bonus expectations through the roof, how can businesses expect to find, obtain and keep top talent without breaking their budget?
It may come as a surprise, but current employee trends indicate that money is not considered to be the major motivator when it comes to engagement. Whilst, of course, financial rewards have a time and a place and are not considered unimportant, the major motivators are work/life balance and professional fulfilment. This is a result of shifted values, people have been through a lot over the past 2 years, and it comes as no surprise that what people value has changed significantly.
So, how can we attract and retain employees in other meaningful ways? Benefits, culture and career development have all become increasingly important factors.
The pandemic encouraged a greater focus on employee wellbeing, resilience and a work-life balance, people do not want to go back to pre-pandemic business as usual. Many employees were run down, stressed, and burnt out. The pandemic has shown us the future of work and businesses need to recognise what their employees value and adjust accordingly, or face losing them too somewhere that will.
Consider, what can you offer your employees? What do they value?
Employees value work-life balance, they appreciate it when you offer flexible work arrangements and other personal health benefits These may include components such as:
- Time off/ leave (carers, mental health, parental etc.)
- Flexible work arrangements (work from home)
- Health care/ resources
- Life or disability insurance
- Employee assistance programs
- Gym memberships
- Car parking
Employees prefer companies with good cultures and advancement opportunities. The shift towards development and culture has made it highly effective at driving employee attraction and retention. These include components such as:
- Training and development
- Well-being programs
- Job rotations
- Discretionary technology
- Career management programs
- Team events / celebrations
Show current employees you value them by providing them with opportunities to grow, develop and enhance their skills. Upskilling your current employees increases engagement and allows businesses to forward-think and plan future career pathways. Building genuine relationships and connections, not only improves productivity and culture but gives people a sense of loyalty and belonging.
Want some more tips around non-financial rewards and attraction and retention schemes? The team at TalentCode HR are always here to assist you. Feel free to call our team on 1300 559 585 for a discussion.