Retaining the best talent is a key to success for many businesses in competitive industries such as hospitality. It reduces costs associated with turnover and helps build a strong company culture. But, some research suggests that offering talented employees monetary incentives is not often enough to keep them from finding work elsewhere. Unfortunately, money still can’t buy happiness.
Your top performers expect to be paid fairly and have work schedules that allow them some time to enjoy their passions. Pouring more money on their salary won’t accomplish either of these. It could make an unhappy employee stay for a little while longer, but it won’t make an unhappy employee stay for the long haul.
So what do you need in order to retain your best employees?
- A robust benefits package
A benefits package can make or break you chance to retain talent. According to the American Institute of CPAs, 80 percent of workers would rather take a job with benefits than one that offers a higher salary.
Offering uncommon benefits such as an Employee Assistance Program or a reimbursement stipend for delivery drivers can maximize your ability to retain top performing employees and simultaneously attract new ones.
- High Ceilings
Top performing employees typically want opportunities to advance within a company. Giving them those opportunities not only shows them that their efforts are paying off, but that you also appreciate their hard work and dedication.
According to Bridge, a management and leadership development software, 67 percent of millennial employees will leave a job if it doesn’t offer adequate opportunities to grow within a company.
“Millennial employees are looking for something different in their jobs, beyond good compensation,” said Emily Foote, VP of Customer Engagement for Bridge. “They aren’t satisfied with routine promotions or pay bumps; they want opportunities to learn, develop new skill sets, and grow into leaders. Organizations that create learning environments are rewarded with employee engagement and loyalty.
- Help Employees Find Meaning and Purpose
Oftentimes, meaning and purpose can take a backseat to the rat race of restaurant life. The work is repetitive. And sometimes a customer’s attitude can affect our own. Helping employees find a higher purpose to their work can alleviate some of the trivialities that come with their job. In turn, this can incentivize your employees to stay on the job longer.
A recent survey from Covestro, a manufacturer of high-tech polymer materials, asked 1000 executives about helping employees find purpose in their work and outside of the office. It found that 65 percent of executives believe an employee’s desire for purpose is transforming traditional approaches to retaining talent. 70 percent said purpose is impacting HR’s ability to recruit such talent as well.
Adding purpose-filled activities both inside and outside the office such as volunteerism and community involvement are factors that Covestro suggests adding to retain talent. These changes have prompted HR departments to consider adding paid-time-off for volunteerism.
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