Boosting Morale And individualized approach to boosting morale and the bottom line
Recognition Programs How to go beyond the paycheck to keep employees engaged and productive
Advice for HR Real-world advice for managing your daily HR challenges
Employers know only too well the tightening effect that continued growth has had on the labor market. Human resources publications constantly are regaling employers with tales of employers competing for scarce employees using techniques like allowing employees to bring their pets to work or hosting job fairs for convicts.
Yet is all that really necessary? If employees are respected and given proper attention, that should be enough, right? Wrong. In survey after survey of employees, both those on the job and those leaving the job, compensation ranks among the lowest concerns. And the old fallback, employee loyalty, is a distant memory.
So what exactly can you do to retain good employees? While most view increased compensation as their primary solution to employee retention problems, the fact is that most employees place compensation so far down on their list of what makes a good employer that it’s essentially off the radar screen.
Although in recent surveys the youngest employees, those ages 18-24, cite a raise as key to their decision to stay with a company, those employees remain in the minority — and continue to be the employees most willing to jump ship. General expectations are that as these young employees mature and take on more responsibilities, other concerns will dominate.
So then the question becomes how do you continue to sell the job to an employee when increasing his pay is no longer an option? Recent surveys have revealed some of the top qualities employees seek in their employers. Among them: work that is meaningful, challenging, and offers training and development opportunities, management that assists and supports, but doesn’t dictate, explicit awareness of life beyond the office, an array of core benefits and the power of choice.
Related articles on Retention and Motivation from the State Employment Law Letters designates additional valuable resources available exclusively to Employment Law Letter subscribers