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Why just increasing salaries isn’t enough to keep workers on board

Written by Guest Author | February 18, 2015 | 0 Comments
shutterstock_225190324It doesn’t matter how much you spent on that recruitment advertising agency to get your current star employee in – if they are disgruntled and want to go, they want to go.
However, that’s no reason to be fatalistic about employee retention – there are still moves that you can make to keep your talent on board.
However, those moves don’t necessarily just amount to upping salaries. Indeed, employees actively demand so much more. If you needed any evidence of that, you would only need to look to a benchmark study released by Deloitte a few years ago.

Switching job is an often unwanted hassle

Believe it or not, your unhappy employees aren’t always eyeing the door, and if anything, they’re simply looking to be appreciated and treated well if they are to be deterred from the sheer hassle of sifting through the job ads and applying for another role.
As long as the opportunity to learn and grow exists with you, chances are that your staff will stay with you.
Nonetheless, a 2011 study, entitled Talent Edge 2020: Building the Recovery Together: What Talent Expects and How Leaders Are Responding, makes interesting reading. It found that the majority of workers wished to leave their current roles for better opportunities, only 35 per cent expecting to remain with their present employers.
That this was 10 per cent less than in the same study two years earlier indicated just how much an improving economy enhanced the confidence of workers and with it, their willingness to delve into the job market.

What can employers do to improve their retention?

The aforementioned report certainly gave us a few clues about that, the majority of those employees looking for pastures new having a low opinion of their present company’s “efforts at creating career paths, developing leaders, and retaining top performers.”
More than half – 53 per cent – of those aiming to leave said that better job advancement and improvement prospects at their current workplace would cause them to reconsider their decision.
A second Talent Edge 2020 survey of executives saw 71 per cent of respondents expressing a “high” or “very high” concern about the retention of critical talent over the next 12 months. In it, Deloitte suggested that with compensation packages being easily matched by employers, their focus should be on differentiating themselves in other ways.
Organisations should do this, according to Deloitte, by “creating customized retention strategies that address issues such as career advancement and greater recognition.”

Maximise your retention chances with Webrecruit

Are you doing enough to keep your own prized employees happy and settled? Remember that by using the right recruitment advertising agency like Webrecruit, you can also maximise your chances of finding the most loyal, engaged and suitable employee when you first come to hire.

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