The more difficulty companies have with retaining top talent in their organizations the more critical it becomes to understand just what it takes to keep these employees satisfied. HR Morning has taken a look at what employees really want in the long-term and dispelling some myths along the way. The primary motivator often overlooked in lieu of more savory and noble influencers is money.
While many a survey have constructed long lists of reasons why anyone would show up to the same job everyday – from loving the challenge, to feeling a sense of purpose, to contributing to the betterment of humankind – the one real reason people work is to get paid. In a currency based society, money energizes and incentivizes every aspect of our lives and pays for all of our essential needs and luxuries alike. Especially in a time of economic disillusionment and uncertainty, the degree of one’s sense of job security and the scale of one’s paycheck more heavily affect morale and, consequently, retention. Offering the most competitive compensation levels, alongside other retention strategies, will help most companies retain their best people in 2013.
After the sense of security that comes with a regular and satisfactory paycheck, two other factors are becoming increasingly intertwined with retention efforts—flexible hours and telecommuting. Not only can morale receive a boost from staggered, flexible scheduling or the ability to work from home, companies can benefit from expanded operating hours and the ability to recruit from all over the country instead of relying solely on the local talent pool. Of course, telecommuting comes with its own set of logistical and financial pitfalls, but it is frequently found to raise the productivity and job satisfaction levels of employees.
Bonuses and benefits also have their parts to play in retention efforts. Particularly pay-for-performance plans and creative low-cost rewards can go a long way in helping top performers feel recognized, earn more money, and contribute more to the bottom line. Pre-recession-era perks, such as retention bonuses, are no longer considered viable as more companies become singularly focused on rewarding employee contributions rather than simply sticking around.