Fearing the Great Resignation, many companies took action to avoid resignations of key talent. Reactions ranged from investment banks providing five-figure bonuses for their analysts to businesses offering unlimited remote or flexible working options for their employees. Such adjustments to employee benefits were designed as much to attract talent – the competition for which has never been fiercer – as to curb attrition.
Nevertheless, we suggest that businesses consider the broader picture before following suit: Research shows that the more an employee is satisfied with their job and the work environment, the less likely they are to resign. Job satisfaction can be attributed to nine “facets”, only two of which refer to pay or benefits. Investing time and resources into the other seven could boost job satisfaction, curb turnover, and attract new talent without your company having to make financial promises it can’t afford to keep.
Here are seven alternatives to employee benefits and remuneration that leaders can make.
1. Promote your best employees
For many employees, particularly those early in their career, opportunities to progress and develop their future earnings are as important as being paid well. Offering employees a clear roadmap for their future within your organisation is a powerful way to keep your younger staff motivated.
2. Pay attention to your supervisors
Job satisfaction has as much to do with an employee’s direct line manager as it has their pay. By investing in your managers, you’ll generate workers who are engaged, enthusiastic, and focused on delivering for a business they believe in – rather than a tyrannical boss!
3. Recognise your employees for excellent work
People like to feel valued and appreciated – in ways that aren’t covered by the end-of-year bonus! A regular feedback system for recognising successful and high-quality work can make a huge difference to how employees perceive their role in the company.
4. Keep the company’s processes clear
Company management has a considerable impact on employee satisfaction. Excessive red tape can stifle both creativity and productivity, so make sure your internal rules and processes make it easy for your employees to do a good job and permission to think outside the box.
5. Invest in your company’s culture
Colleague interrelationships are directly linked to their performance and likelihood to resign. Invest time in creating a positive and respectful work culture, where employees feel comfortable and confident in voicing their opinions and collaborating.
6. Listen to what drives your employees
Everyone has parts of their role that they do not enjoy, but actively engaging with your employees to discover what they love about their role – and what they dread to get finished – can allow you to make changes based on individual strengths and wants.
7. Keep the lines of communication open
No matter how small the task, you’ll demotivate your employees when responsibilities and goals are unclear. Open channels for discussion at the micro and macro levels: Update your employees on changes and decisions being made within the company and ensure they know what is expected of them as individuals. When communication is timely, transparent and clear, your staff will feel a stronger connection to the company’s mission and will therefore be more likely to deliver their best work.
Are you struggling to source the right people? Has your business suffered from the Great Resignation? If you’re looking for a bespoke recruitment service based in London, give us a call. We’ll listen to what you need and find a roadmap for filling your company with brilliant people.