To attract and retain a qualified workforce, it is not enough to offer a salary above that of the market. Certainly, this strategy will help attract candidates, but it will not help retain them. Indeed, non-financial remuneration plays a major role in attracting and retaining employees. Unfortunately, the latter is too often neglected by employers.
Non-financial remuneration refers to everything that a job provides on a psychological level: interesting and diversified work, possibilities for advancement, opportunities to develop, participation in the decision-making, recognition and status, etc. Of course, recognition practices are also part of non-financial compensation and can be used for several purposes: motivating employees, supporting business strategy or painful organizational change, enhancing a compensation plan, recognizing exceptional performance , encourage suggestions, reduce absenteeism, reinforce a particular culture or values, etc.
Nowadays, an organization that only considers the financial aspect of total compensation is missing the boat. To retain its employees, the company must diversify its practices and invest its dollars in corporate programs in order to nourish a social exchange that promotes both support and consideration, commitment and passion.
Want to innovate in your overall compensation practices? Here are some simple ideas that you can brainstorm with your executive committee at the next meeting:
1. Value employees who are fully invested in their work : Create a program or habit that honors an employee who has distinguished themselves during the last month or last quarter, and ask their superior to bear witness to it publicly.
2. Celebrate your end-of-year successes: Once a year, organize a special activity to highlight the best company results and the best team projects that have been most successful. distinguished during the year.
3. Support the troops in crucial moments : Recognize the efforts made by employees and managers during the most difficult times, to encourage them to maintain the rhythm and good team spirit .
4. Encourage mentoring: Value experienced employees and support them in the transfer of their professional skills. According to a CROP survey conducted in 2014 for the Order of CRHA, 26% of workers aged 55 and over wish to use their skills more in their work.
5. Hire a caterer: Encourage exchanges and the development of interpersonal relationships in the cafeteria during dinner time. Whether or not you cover the full cost of lunch, bringing employees together in the same place greatly promotes the development of friendships and a sense of belonging, key elements in retaining your staff.
Worried that you won’t have the time or budget to make changes like this? We have to look beyond the tip of the iceberg! Need help to initiate a change in your traditional compensation? Call the Iceberg Management team to find out your options. We bet you will feel the beneficial effects very quickly.