Posted in:Total Rewards
In the last few decades, employers have been blessed with an increasing number of ways that they can reward their teams. Let’s take a look at key considerations to help you select the best choices to improve talent attraction, retention, and engagement.
It’s Not About the Money
When it comes to attracting talent in the first place, salary and bonuses definitely play a role. Many top candidates may feel their ability to increase their compensation at their current organization is limited and seek new opportunities as a means of reaching a higher pay grade.
Retention, however, is a different matter. According to thebalancecareers.com, key reasons why employees quit include:
- Lack of management’s recognition of employee’s job performance
- Relationships with coworkers
- Lack of contribution of their work to the organization’s business goals
- Feeling bored and unchallenged by the work
As you can see, monetary compensation doesn’t make the cut as one of the top reasons that an employee chooses to stay. As long as compensation is not wildly out of line with what’s available in the broader job market, money alone isn’t likely to be what causes an employee to jump ship.
Help Your Employees to be Happy and Healthy
If not money, what is it that employees want? According to millennialboss.com, some of the things millennial employees tend to seek in a job opportunity include:
- Flexibility, and the opportunity to work remotely when possible
- Understanding of the broader picture, and how their work contributes
- Opportunities for rapid advancement
Interestingly, these desires benefit not only the employee, but the company as well. Employees who have the opportunity to work remotely are often more productive than their counterparts who must always report to an office. Employees who understand the role their contributions play in the organization’s broader success may be more engaged and better able to derive meaning from their work. Finally, employees who seek rapid advancement may be particularly driven, motivated, and bring that energy and vitality into the work they do.
Contribute to Employee Wellness
Another way employers are caring for their employees includes programs that contribute to overall wellbeing. More companies are offering subsidized gym memberships, access to healthy snacks, and benefits packages that include treatments such as massage therapy. Healthy employees are happier employees, and recognizing that employees are human can go a long way.
Here to Help
Would you like to learn more about HR tools and how they can help your business? We can be reached for a free confidential consultation at +1-403-470-5350 or [email protected].
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