Are you spinning your wheels trying to come up with creative, non-monetary, ways to retain your valued talent?
If you are, you are not alone!
Every month SVC hosts a gathering for our HR partners to connect with one another and learn about a current topic. At our recent event, I asked our guests what question they would most want answered by our coaches. Our partners came up with a solid list of pressing questions for our coaching team to answer in future blogs.
Given the continued wave of resignations hitting so many organizations, I chose the following question to answer first –
“What are some non-compensation ways to retain talent?”
While higher salaries might lure prospective employees into your organization, and strong bonuses might help with retention, money alone is often not enough to solve retention challenges over the long term. Our coaches work with leaders across the globe and hear first hand what keeps them staying at their company, and what pushes them to walk out the door.
When I reflect on the answers provided by our team, it is clear that a strong and healthy company culture is an essential ingredient in this retention puzzle. Providing an environment that fosters wellbeing and connection, where employees feel valued and energized by their work, and where they are supported in their continued growth, are all key factors in a thriving culture.
Below are the top 10 practical (non-monetary) suggestions from our team to help you enhance your ability to retain talent. As you read these ideas, it is also valuable to consider the developmental stage and level of the people you are hoping to retain. Different solutions might resonate stronger with different groups at different times.
- Continue to offer workplace flexibility – allowing people control over where, when, and how they work comes up regularly as a priority for many of our clients. Even for those companies returning to the office, some flexibility continues to go a long way.
- Regular opportunities to connect with colleagues. Relationships make a difference. It is a lot easier to leave a company when you do not feel connected. It is a lot harder to leave when you feel seen, known, and valued as a contributing member.
- Have regular 1:1 meetings that include “stay conversations” (What do you like about being here? What makes you want to stay? What do you need more of…?). Identify what % of work feels engaging and purposeful and what % drags them down. If the % that depletes is high, consider how to tip the scale.
- Notice, and share, what you see as strengths and what leaders are doing right. Use specific examples of what’s working as a way to get more of what you are hoping for. Give specific feedback and acknowledge successes.
- Have a clear mission and ensure that the individuals on your team know their purpose and how they contribute to the overall mission.
- Clearly define and share career paths so employees can map out their career trajectory and “see” their future potential at your organization.
- Reward those who have invested in your organization over time by offering a sabbatical.
- Offer wellbeing programs that include yoga, meditation, walking meetings, etc. Encourage employee wellbeing by designating regular times to disconnect and focus on self-care. Make sure senior leaders are engaging in these wellbeing offerings so it is supported and modeled at all levels.
- Offer growth opportunities and training to leaders so they know you are investing in them and their future.
- Get to know your team as people first. Show you care from the first touch point in the recruitment process to checking in on your team members regularly to hear how they are feeling. Celebrating wins and life events inside and outside of work can go a long way.
This final tip I’m adding from recent personal experience. Having worked in career and executive coaching for twenty years, I have seen a wide range of how people are treated in the job application process straight through to retirement or being laid off.
Recently I had a front row seat as my husband entered the job search process. During his search, one company clearly stood out among the rest on many levels. From the follow through in the application process, to the job offer, and the personal touch every step of the way during onboarding and after. The icing on the cake was this past weekend when a congratulations bouquet arrived for our daughter who just graduated. A big shout out to #Avantax for being a people first organization who values the people on your team – and their families too! You are a model for a healthy culture that truly cares.
A special thank you to these team members – Kelly, Venessa, Alex, Kim, Pete, Sandy, Karen, Shannon and Becca, for sharing their thoughts on this pressing topic that is affecting so many organizations today.
