Let’s be honest, keeping top talent is very challenging. In a strong market where employees are constantly being bombarded with new opportunities it’s important to keep retention rates up by staying ahead of the curve with competitive compensation ranges and building a culture predicated on learning and development. With the end of the year quickly approaching and fresh positions being developed for the new year. “Annual bonuses can serve as a focused form of feedback—a reflection of how the employee individually performed in the last year, combined with company results,” McLellan explained. However, “they are not meant to replace any of the other elements that cause employees to stay.”
“While our research consistently shows the importance of pay when employees decide to stay or leave an organization, we also know their decisions are not just about the money,” said McLellan. “Opportunities for career development, learning development and challenging work are top drivers of retention. It’s the value of the total package—compensation, benefits and nonmonetary rewards—that makes the difference.” Q4 is a great time to assess your companies culture and compensation models and ask yourself: “do we have what we need to retain our top talent?”
