What’s Your Strategic Plan in 2017 to Retain Employees?
If your company has compensation right -- and your managers are trained to drive engagement daily in a performance-based culture – Happy New Year! If not, check out this article published by PayScale Human Capital that discusses compensation best practices for 2017. This report identifies numerous reason that employees leave companies – and surprise, they have very little to do with compensation.
Concerns about employee retention increased between 2009 and 2013. While the trend has leveled off somewhat in the last 12 months—with no increase over the last year— it would be a mistake to infer that retention is a non-issue. The fact remains; the majority of employers (57%) are still worried about keeping their employees. Medium-sized companies were most concerned about retention, at 61%.
35% of employers cited animosity with a direct supervisor or manager as one of the top three reasons employees left in 2015. This lines right up with employee sentiment, as 67% of respondents report that having a great relationship with their direct manager is critical to their job satisfaction. Bottom line: everyone agrees that managers can make or break an employee’s experience. Businesses would do well to choose their leaders carefully
44% of respondents cited replacing traditional annual performance reviews with ongoing, real-time feedback as the hottest HR trend for 2016.
Moral of the story? Don’t assume more money is the answer. Try additional communication before resorting to additional compensation. Train your people to have those conversations.
Click here to read the full 2016 Compensation Best Practices Report.
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