In today’s competitive job market, retaining talented employees is challenging, particularly given that local companies need to compete against global companies in countries with stronger currencies when hiring great teams. This is how businesses can cultivate nurturing work environments, keep great talent and ensure sustainable growth.
1. What to do
Pay Well: Competitive salaries and benefits packages are your most effective retention tool. This hasn’t changed much, and if you are serious about retention, consider paying above market.
Embrace Freedom: Beyond financial incentives, employees value benefits linked to autonomy. Flexible work hours and remote work options are now expected to be part of the negotiation when hiring. This will ensure you have a happy workforce.
Find Your Purpose: Employees are likelier to stay with a company contributing to a larger societal or environmental cause. A compelling mission provides a sense of purpose beyond daily tasks.
2. Create a culture of belonging
Onboarding Team Members: How you welcome someone into your business is crucial because first impressions are the ones that last. This feeling will stay if the person feels valued and integrated from day one.
Intellectual and Emotional Visibility: Weekly feedback from managers on work performance makes people feel seen and valued, even when the feedback is constructive, and improvement is needed.
Tracking Contribution: Identifying who is thriving – and who needs support – allows for timely interventions. Thriving employees can be promoted, while those struggling can receive counselling.
Psychological Support: Companies that offer resources for mental and emotional well-being enhance retention by demonstrating care for the holistic health of employees. In the face of rising anxiety and depression, this will be a difference maker.
3. Meaningful contribution
The Power of Meaningful Praise: Sales and customer service live at the core of any business’s performance. Companies that make this a priority generally have happier employees all around.
Shared Narratives: Involve employees in shaping the company’s story. Have an actual book where you write every quarter about how your business progressed and how different people helped.
Share profits: When your company draws profits, share them. Think of more innovative or meaningful forms of measuring and rewarding contributions to create a collective responsibility for the company’s success.
Smart retention drives revenues
Employee retention requires a holistic approach with innovative retention and reward initiatives to fuel sustainable business growth. Taking the right action to retain talented employees is a massive contributor to business sustainability, happier teams and more productive workplaces.
Having a professional and well-run human resource component is critical to all businesses from the get-go. As global companies increasingly come to Africa to find talent, a strategy that secures staff retention will make a big difference to the business’s bottom line.
Effective employee retention strategies enacted by effective HR realised more engaged employees who get things done. Execution is everything in depressed markets where businesses need to perform.
Rose Elcock is the founder and CEO of VHRS South Africa.
Inc
