How To Hire And Retain Top Performers Without Raising Salary

cheerful businessman in eyeglasses looking at colleague with smileEvery successful business is built on a foundation of quality team members. Years ago, employees would stay with one company for most of their professional lives, but times have changed. In today’s business environment, employees regularly change positions after two or three years, leaving business owners wondering what they can do to stop the revolving door of staff turnover.

To put it simply, modern employees want more than a paycheck. The values of today’s workforce are quite different than those of past decades. Especially with the Millennial Generation stepping into leadership roles within organizations, this shift means business owners and C-Suite executives need to reevaluate their tactics for hiring and retaining top performers. Here are 5 ways to hire and retain top performers without raising their salaries.

Consider Your Culture

Company culture is about more than making everyone feel warm and fuzzy inside. It’s about finding ways to make your employees more engaged, more balanced, and more involved with what is happening with your business. We spend so much of our time at work, and the atmosphere you create and sustain will have a great impact on how the employee feels about his or her time at the company. From happy hours to collaboration meetings, the culture initiatives you incorporate don’t need to be complicated, but they do need to be authentic.

Value Transparency

While nearly every company has an open door policy listed in their handbooks, it’s not enough to engage your current employees. The way your company communicates with your employees is a key element to employee satisfaction. From frequent recognition of a job well done to transparency when making key decisions about the company’s direction, engaged employees want to know what is happening with their company. Transparency allows employees to develop a sense of ownership over their work because they understand how their role impacts the greater vision and direction of the company.

Make It Meaningful

Perhaps now more than ever, today’s employees want to have purpose in their work. While every company may not have the benefit of being innately aligned with what many employees would consider “meaningful,” it’s easy to incorporate purpose into the company culture. Consider ways to integrate socially conscious initiatives to address the need that many top performers hunger for. Find causes that are in alignment with your business, and get your team involved.

Create a Career Path

Upward mobility is incredibly valuable for top performers. Today’s employees are always considering and planning for their next move, so if you aren’t providing a clear career path for your top performers, they will look elsewhere. Talk with your most valued employees about their goals and establish a coaching atmosphere to get them there. Support opportunities for these top players to attend seminars, workshops, or conferences, and encourage them to polish their presentation skills while sharing their new knowledge with the team afterwards. Not only does this help develop the collective expertise of the company, but it also adds to your transparency.

Integrate Technology

Top performers are driven to be up-to-date with the latest technologies. If they feel that their company has fallen behind, they will begin to look elsewhere for new opportunities. Encourage your top performers to lead the company into the future by suggesting upgrades and openly communicating ways to streamline processes or improve performance. Not only will your company have a better time attracting and retaining the best possible employees; your bottom line will also benefit.

Looking for more tips on employee retention? Read our post: Employee Retention or Turn-Over: The Impact of Your Management Decisions

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