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Retaining top talent: A significant challenge for most companies but it's especially challenging for those that are growing really quickly where losing valuable staff could quickly affect the business's bottom line. To try and avoid this, all too often, I've seen how quickly salaries can get increased or more money is offered to the leaving incumbent. In reality, this tactic may be short lived and not necessarily the best long term solution. The solution can actually be much simpler (and cheaper!): It's the ability and openness to tap into our humanness again that will make all the difference. Sometimes listening to what isn't being said but what's being done; Acknowledging an employee's efforts regularly, recognising them for their hard work, and staying engaged with and connected to them that creates a positive and happy employee experience.
To retain staff, businesses must start to look beyond the pay cheque, focusing less on basic needs and more on delivering a positive employee experience. The fact is, loyalty is very rarely linked to money; instead it’s associated with feeling valued within a company.