How to improve talent retention without raising salaries

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.

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.