How to Attract and Retain – Money Isn’t Everything￼
With the many businesses still suffering from the fallout of the Great Resignation, employee attraction and retention have never been so critical. In the past, job security and compensation seemed to be the biggest contributing factors, but with the global pandemic came a shift in employee values. With the end of the financial year approaching and strategic planning processes underway, is there an alternative to attract and retain other than through remuneration?
How can I attract and retain without giving them more money?
As we know, money is not always the answer however the question we often get asked is how to attract and retain employees in other meaningful ways. Here are some key components that are worth considering when designing an attraction strategy for your business.
To start with, we have basic remuneration. This may include components such as:
- Base pay increases
- Short-term incentives
- Long-term incentives
- Profit sharing plans
If linked explicitly to predefined levels of performance, basic remuneration can be highly effective at not only driving attraction and retention but also high performance. This is something that can be implemented in any team or business and is highly attractive to new and existing employees.
Secondly, we have benefits; which 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
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.
Finally, we have development and culture. 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
- Mentoring / coaching
- 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.
Don’t sit back and just accept that the Great Resignation is inevitable, the components mentioned above are your best offence to attraction and retention.
Want some more tips around attraction and retention or how to implement the above components into your business? The team at TalentCode HR are always here to assist you. Feel free to call our team on 1300 559 585 for a discussion.