How to improve talent retention without raising salaries

photo blog talent retention

In the atmosphere of intense global competition for best human resources, talent retention is becoming a top priority for companies in many different sectors. One way to retain top workers is to offer them higher wages and promotions, but this will surely be felt on the bottom line. However, with smart advice from an experienced service provider like Brunel, it’s possible to find smart alternatives that won’t present a large financial burden. People can be motivated to stay put in a variety of ways, and feeling accepted and respected may be as important as a raise. Savvy employers with tight finances have plenty of reasons to pay attention to retention strategies and explore some of the options at their disposal.

Adopting a smart employee retention plan

It’s not an accident that successful companies enjoy a high level of loyalty from the workforce. In most cases, this is a result of a carefully crafted employee retention plan that is consistently executed on all levels. The management needs to define a mechanism for selection of high-value workers, while HR department must administrate the evaluation tools objectively. Employee engagement should be an essential pillar of the plan since workers are more likely to feel as a part of the family if they regularly partake in various activities with their colleagues. A rewards program that benefits the most committed or most successful workers is also a good idea since this practice promotes fair competition and sends the message that hard work won’t go unnoticed. Such activities are far less costly than continual increase of wages, and they may be just as effective for keeping the employees happy.

Explore opportunities for secondment of key workers

Office life can become dull for the most talented workers unless they are periodically challenged to get out of the comfort zone. Companies with an international presence can send some of their best talents to another subsidiary and task them with developing business in a new market. In this way, the workers can satisfy their itch to make a move without having to change employers, while the company gets to see whether the employee is ready for the next career step. That’s why secondment to a foreign branch office is increasingly viewed as a smart way to reward the most deserving employees and keep them on the edge at the same time. This is an example of how change afforded by lateral mobility can sometimes be a good cure for accumulated stress and dissatisfaction.

Work with Brunel – a proven global mobility company

Taking advice from professionals can spare you from making costly mistakes when it comes to managing talent retention or organizing business relocation. Brunel has decades of experience with matters of this nature and is available for consulting and training related to employee retention and other topics. With Brunel at your side to provide guidance, you will always stay a step ahead of the competition and enjoy healthy relationships with your top workers.

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