Posted in:Talent Management
Employers often fall into the trap of believing that large, frequent bonuses are key to building employee morale and retaining top talent. While cold hard cash never goes unappreciated, in some cases it is just not feasible for an employer to provide ever-increasing monetary bonuses. Let us take a closer look at some other ways to impact employee retention.
The Value of a Strong Company Culture
Contrary to popular belief, monetary compensation is not the only thing employers can offer to boost employee satisfaction and engagement. A 2017 report by Glassdoor tracked employees who changed employers and compared ratings between the old and new employer. Across the board new employers ranked higher, with a notable difference in the Culture and Values category. This indicates that company culture is valued by employees and is one of the factors they will consider when looking at new job opportunities.
Building a Positive Workplace
Speaking of which, employers can be proactive culture builders to create a workplace that employees are happy to be part of long term. Some good places to start include:
• Determine your company’s key values; then, ensure those values are repeatedly communicated to employees through words and actions alike. Ensure managers lead by example, ensuring key values are reflected in their actions.
• Provide opportunities for employee socialization and foster those relationships. Employees who have a friendly rapport with coworkers often have a more favourable view of their jobs, which may help reduce turnover. Here in Calgary, Canada, the annual Calgary Stampede is fast approaching. In addition to the annual rodeo and fair, “Stampede Week” is known for providing ample opportunity for employees to attend breakfasts and barbecues, which serves to bolster those interpersonal bonds between colleagues.
• Consider how your physical space (if your employees work onsite) contributes to the culture within the organization. Open plan spaces, cubicles, and breakout rooms each affect the dynamics of their environment in different ways. Take a look at the spaces in your environment and consider whether they are supporting or hindering the culture you seek to build.
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