Six techniques for boosting staff retention among high earners
However, the talent shortage is real and whilst it’s great for employees and job seekers, it is creating intense competition and companies are struggling to retain their workforce, especially those in the highest earning salary brackets.
Long term solutions
Whilst the obvious solution to boost staff retention is to offer a pay rise, this will only act as a ‘quick-fix’ and as high earners will already be earning a very competitive salary, will yet another pay increase really have the desired impact? Probably not! Although few would complain about an increase to their salary, it shouldn’t be used as the only solution to boost retention. In fact, there are other proven methods of increasing motivation levels which provide long-term benefits rather than short-term ‘fixes’. After all, once the pay rise has been ‘banked’, the golden glow it first provided will soon be forgotten and employees may still go looking elsewhere.
Here are six ways to boost retention, especially amongst the highest earners, that focus on growing your people rather than their bank balances:
- Mix it up! - Give employees variety in what they work on, who they work with and how they work. We all want to be challenged no matter what our level —after all, who wants to do the same job, in the same way, day after day? Variety also gives employees exposure to different parts of your organisation. It allows them to expand their skills, learn new things and see how their work impacts all areas of the company. According to O.C. Tanner’s 2018 Global Culture Report, 83 per cent of employees are more likely to stay at their organisation if they are given new problems to solve and projects to work on.
- Help relationships blossom - When employees feel connected to their organisation, their accomplishments and their peers, they thrive in the workplace. Set aside time for employees to network and connect with one another, on company time. This will create an open and exciting workplace and will help build strong, positive relationships that motivate employees to stay and do well.
- Give employees a voice - The prospect of moving up the organisation chart is an important factor in an employee’s experience at work, but in many cases, a promotion only becomes important because employees don’t feel a sense of empowerment or a seat at the table. Employees want their voice to be heard, to give input on important decisions. They want to know their opinion is valued and that they can contribute in more substantial ways. When this is done well, our data shows employees are 30 per cent more likely to believe they influence important decisions at work.
- Work on your company’s purpose - Employees innately desire to connect to something bigger, something more important than themselves. Most don’t come to work just for a paycheck. They don’t work passionately towards a goal that is only about profit maximisation. A purpose allows an organisation to express the difference its existence makes and connects itself and all its employees to something greater.
It’s not enough to just have a meaningful purpose. You must effectively communicate what the purpose is, so employees feel connected to it and understand how their specific work and role contributes to that purpose. Employees that find a meaningful purpose in their work are twice as satisfied with their jobs and three times more likely to stay with their organisation and contribute to its success. - Focus on holistic wellbeing - Organisations can no longer define wellbeing as simply the physical or financial status of an employee. When social and emotional wellbeing is also prioritised, employees are 52 per cent more likely to feel less stress and instead will feel cared for, uplifted and a true sense of belonging.
Flexible work/life integration is a great way to address holistic wellbeing. Organisations that allow flexibility in when, where and how employees do their work, experience a 53 per cent increase in satisfaction. Providing technology and establishing policies that allow employees to decide to what degree they want to integrate their work and personal lives gives individuals more control. - Show your appreciation! - By far the best way to boost retention is to simply say “thank you”. Most employees who quit (79 per cent) cite ‘lack of recognition’ as their reason for leaving; And, it’s not that these employees weren’t appreciated. Their leaders just never told them that their work was valuable. Great cultures master recognition. When recognition is at the top of the priority list, people feel like their work is noticed. They feel like they are making a positive difference. And, they’re willing to give more effort to their team and organisation.
A pay rise is not the only answer when it comes to retaining high-earners. Focus on creating an engaging workplace culture and employees will remain loyal, dedicated and excited to be part of your organisation.
*Statistics taken from O.C. Tanners Global Culture Report – Full download available here.
This article is provided by O.C. Tanner.
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