If You Want to Keep Top Talent, Think Beyond Just a Raise
By Jezabel Southard
Posted on August 12, 2016
“I’m sorry,” your top employee says, “but I’m giving notice. I’ve found a position that I just can’t refuse.”
Is your first instinct to respond by offering a salary raise? If so, you may be overlooking the most important part of keeping your top talent happy – and spending money unnecessarily, as well.
If you are serious about retaining your star staff (or if a raise simply isn’t an option right now), think globally about retention strategies.
Here’s how to approach the top performer who’s ready to walk.
- Change your first question. The first question most hiring managers ask in this situation, or in a formal exit interview, is “Why are you leaving?” Unfortunately, this question prompts the employee to look toward their future – not at their relationship with your company. Instead, ask “What prompted you to start looking for a new job?” This will help you pinpoint where the employee is dissatisfied, which can help you get to the root of the problem.
- Seek ways to support an employee’s best work. While salary should be competitive, it doesn’t have to be astronomical. Top talent reaches the “top” because these workers have a drive and a passion that their middle-of-the-road counterparts do not. To keep them working on your team, find compensation options that support their best work. Flextime, telecommuting, support with conference costs, and tuition reimbursement are options that work for many employers – without breaking the bank.
- Stay ahead of the game. Create compensation options that keep your best people happy before they announce their intent to leave. Talk to your top talent to find out what they like best about their jobs and what they would improve or change if they could. Use these ideas to create compensation options that reward them for their hard work and attract like-minded performers.
- Work with a recruiter. Your staffing partner has a broad knowledge of the industries they serve, the people who work in them, and what compensation options are keeping top talent motivated. Take advantage of this knowledge base to improve your own retention and staffing.
By leveraging these methods you will position yourself for the best employee retention rates. Instead of just offering an employee a raise to stay, you will employ multiple tactics that will help you keep them long term.
At TERRA Staffing Group, we don’t merely seek to match top talent with our clients’ needs. We think long term, so you can find and keep the best people for the job.
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