Employee Retention Strategies – Keep and Compensate the Best Employees

The best employees are one of the biggest corporate assets to any organization, and it is crucial that they are held on to firmly. According to Lynn Taylor, the author of ‘Tame Your Terrible Office Tyrant: How to Manage Childish Boss Behavior and Thrive in Your Job’ it is of utmost importance that the nonpareil employees are retained steadfastly. She believes that the highly successful companies have already realized this aspect and have taken their employee perpetuation program to an extreme level. This post will discuss employee retention strategies business owners must implement.

employee retention program
Source: paychex

Vetoed by Michael Kerr, an international business speaker, every skilled employee that leaves the organization takes away much more than his physical presence. His exit brings about a shift in the team dynamics thus affecting the core business.
Now that it is crystal clear how important retaining and compensating best employees is, let’s have a look at the ways we can hold on to the unparalleled ones.

Show dignity towards them
Be courteous about their personal issues
Avoid condoning their behavior
Interact with them on a one to one basis regularly
Be honest with them
Be approachable to them
Let them be free of microscopic surveillance
Give them confidence by implementing their creative ideas
Recognize them and appreciate their contribution
Share your visions with them and seek their inputs
Have a flexible approach with them
Give them healthy working conditions
Compensate them well for their efforts
Read more about 12 ways to keep your best employees

retaining and compensating best employees
Source: paychex

Providing them with flexibility in their working routine, giving them the freedom to explore their creativity and maintaining healthy working conditions, are not sufficient enough reasons for retaining the best employees. They will have to be well compensated for their skills unequivocally, simultaneously.

According to a survey of 5,710 companies in the US and Canada in 2018, 59% believe that it is vital that they maintain their top talent with high compensation. 84% plan to hike the basic compensation pay scale this year.

employees compensation program
Source: clubsolutions

The several ways you can compensate the top-notch in your company are:

  • Keep the base pay of the employees you want to hold on to, high. It could be inclusive of a well-paid amount as well as commission per project or any other appropriate strategy.
  • Beyond the base pay, you can give your employees some additional bonuses and overtime compensation, to make them feel how valuable their contributions are for the organization.
    Learn more about 7 Compensation Tactics To Help Retain Employees
  • You can give your unmatched employees the benefits of deferred compensation or stock options.
  • Another step towards retaining your top talent could be a provider of health insurance, compensation in case of accidental death or dismemberment.
  • Compensation strategy by organizations should be intricately designed after pondering over several aspects such as the comparative pay scale of the competitors, the location base of the employees, their merits, an intrinsic study of other things with which employees could be rewarded and etc.
  • Each organization has its own way of operating and thus the compensation and the way employees are handled in each company may be different but the basic crux behind the success of each organization is the participation of its efficient and corporate assets i.e. its employees.
employee compensation and benefits
Source: resource alliance

The success of an organization depends on how well they keep and compensate their top- notch employees. It’s a two-way street. To ride high on success, organizations will have to go an extra mile for their employees and provide them with several benefiting factors. Do you have any questions? Contact our service professionals at Flagship Financial.