Lets start by discussing monetary benefits. Although this term is blown out of proportion but every employee wants to be rewarded, either through personal recognition or in the form of monetary compensation. In the current competitive market, money plays a pivotal part, and retaining and motivating is surely done by means of financial rewards. This does not entirely mean cash, but any form recognition which has a monetary value attached to it.
Culture – career not money
An organizational structure surely comes in to play where employees are attracted by a company which believes in building careers rather than simply rewarding employees with money. Although it counters the above argument but giving employees a platform from where they can build their careers is a far more attractive proposition compared to simply paying money for their work. Promoting long term stability will be a key factor when it comes to retaining your good employees.
Employees thrive when there is a constant feedback process where they interact with the higher level staff on a regular basis. This way they can openly convey their concerns and further take ownership. Giving room for open communication will surely prove beneficial for the company itself. As employees will be given the decision making power to a certain extent, they are likely to give their best and remain in the organization for years.
Recognize personal preference
It is important that you take an employee’s personal preferences into account. Where do they see themselves in the coming three years? Knowing their goals will eventually help your business as well, given that both will be working to achieve something big.
Set an example
Good Employees always seek inspiration. This can only be done if the higher management sets examples which inspire employees. Having a laid back attitude yourself will only prove damaging for the morale of your employees.
Workshops have become necessary for employees, aiming to enhance their skill set. By providing such opportunities, you will be helping your employees see the bigger picture.