Do not fall into the trap of “he/she has a significantly higher salary offer” or “he/she has greater development opportunities in the competing role”. The reality is that it’s about more than the salary. There are always other factors that influence someone’s decision to resign. We are here to uncover these reasons and teach you how to retain your valued employees.
To begin, reflect on your business and assess where you see yourself in the below areas. If the leaders in the workplace focus on the below, you will possess a significant advantage in making sure that you are doing all that you can to keep your high performing employees on board.
How often do you show your appreciation for your team members and why you feel this way? Consider those moments when you were recognised for your contribution – it’s an instant motivator. Positive feedback when it’s due will go a long way.
This can be a tough one, especially if the budget isn’t there. Something that everyone can control when remuneration is concerned is keeping an open channel regarding salary talks. At a minimum, if you are paying as per the modern award applicable to your industry you need to put up and per the % set down by the Fair Work Commission on or before the 1st July each year. Some businesses increase the wages by this or more each year even if they are paid above Award rates. This ensures that employees are not worse off than when their role in the company commenced. If you want to do all you can to avoid losing your employee due to remuneration expectations, be proactive and assess what you can offer and be sure that it is communicated. If you cannot afford an increase, open discussions regarding an alternative like additional annual leave, flexible hours etc.
When a team member’s values do not align with their company’s values, they are inadvertently likely to search for a role at an organisation that does. For instance, if an employee values transparency, accountability and trust, the business should as well. Let’s say that the leaders in the company are not accountable for their actions or frequently deflect blame; the employee will not feel aligned with the culture of the business.
Other vital points to focus on to retain valuable employees include:
- Investment In Personal & Professional Development
- Working Conditions
As a leader, placing focus on the above areas can have a profound impact on the business’s ability to preserve valuable human resources and build what is referred to among HR Consultants as a ‘High-performance culture’.
For more valuable HR solutions, book your free 30-min consultation with an HR specialist. Fresh HR Insights offers expert HR Support and Advice when you need it. Contact us today for protection from Fair Work Breaches.