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5 Talent retention tips for your business

One of the biggest challenges that businesses are facing is employee retention.

According to El Economista, 2 out of 3 businesses face this challenge or to cover a job vacancy.

And there are times where certainly businesses also struggle to keep up with sales, especially in times of crisis, so how to retain talent when increasing salary is not an option.

But as well, sometimes it is not a matter of just a salary increase, but some other aspects that can help to find out the perfect environment for the employees to develop themselves and do their jobs tasks.

Following up we share 5 retention talent tips that can help you to have other perspectives of actions that you could implement in your business.

Talent retention tips
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Table of Contents

Payroll flexibility

Businesses have an established day for paying their employees.

Truth is, sometimes employees have some personal expenses that have to be done or unexpected payments, and they can’t wait until payday.

This generates stress on the employee, and brings up a feeling that their salary is not sufficient since they can’t pay on time their expenses, so they might start thinking that the solution would be to find a higher paying job.

One solution for such events can be a payroll advance, where a platform such as Loonfy, supports employees to get their payments before their official payday.

With such tools, businesses become more attractive and less rigid when it comes about payroll.

Number of holidays

The number of holidays that are given to employees is different according to the law of the respective countries.

There are countries in the world that are already having more than 25 days per year, where in some other countries it can be less than 10 days.

To become a company above average, it has to really work on its efficiency and its team in order to offer a higher number of holidays above what is stated by law.

A company that has in mind also the well being of the employee, can also see the benefits of its retention, as they will know that it will be rare to obtain the same amount of days in another company.

Employee speaking with customer via social network

4 days work week

As we mention efficiency, a 4 days work week will require extreme focus, proactivity and organization within companies, but it is feasible.

Companies worldwide are already discussing and implementing a 4 days work week.

Of course, for this both businesses and employees must be fully committed to get the job done in less time and be there when the customer requires it.

Such internal business policies can bring companies above the average.

This will require a well structured human resource management to establish and organize the work between a team.

Flexibility in workplace selection

Another talent retention tip is to keep implementing a hybrid work model.

As time passes, it might not be strictly required to keep a home office, but businesses can offer the flexibility to employees to select their working environment.

Having a variety of places to work can set up a better atmosphere for the employee by selecting where he or she feels more comfortable to work at.

Intrapreneurship

Some reasons why employees leave companies are due to a lack of appreciation of their work and lack of challenge on their tasks.

One alternative to this issue is to create new projects in collaboration with the employees to make them responsibles for new business areas.

These tasks can eventually bring new business opportunities for the organization and a new challenge for the employee who can start a new business being backed up by the main corporation.

More about Entrepreneurial Ecosystem