How to Retain Talent Even When You Can’t Offer a Raise
There are those occasions when an organization doesn’t have the necessary budget to allow for pay a raise yet wants to hold on to a high-performing employee. Naturally, you’ll want to find a way to show them your commitment by an increase in compensation, but until you are able to do that, here are some tips you can use to keep them engaged and enthusiastic.
Offering employees unique job perks can be a great way to show them that they are appreciated when you just aren’t able to provide them with a bonus, or a boost in their pay rate. From providing pet-friendly workplaces and free meals, to paid sabbaticals and even new technology, there are a variety of cost-effective options that businesses can use in place of money to say “thank-you” to employees for their hard work. Some other perks that are recommended to keep employees happy are gym memberships, volunteer hours, and event tickets.
Bolstering the confidence in your employees by recognizing their achievements and enabling them to become a part of higher value projects can also be effective ways of retaining talent without pay raises. Then, offer them the support and training needed if they want a promotion that will provide them with a better salary within the company.
According to a variety of recent surveys, around 40% of employees would voluntarily relinquish a wage increase if it meant keeping their health insurance premiums and coverages the same. It should also be noted that benefits are not only recommended to land the best candidates on the market, but they help you retain them. Onsite health services and continuing education are other programs a company might consider. Another benefit growing in popularity is student loan repayment assistance.
If you’re afraid of losing one of your best performers, then you should strive to remove any barriers that may be in the way of them achieving more. Dig a little deeper in order to learn what will keep that employee happy for the time being and advocate for their advancement with your leadership team. Try creating a personal development plan for your team that includes documented goals and milestones to show them that they will receive a raise in the foreseeable future.
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