Business problem, big time. How do I retain my great employees? They are being lured to other companies by big money. We provide good benefits. How else can I support and supplement them on a restricted budget and keep them with us?
The Team Doc Says…
I understand your concern. Fortunately, not everyone in this world is motivated by only money! Money is a short-term motivator and unless people’s other needs are satisfied, it doesn’t provide much long-term commitment.
You’ve shown your employees how you feel about them by the benefits you currently have in place. Sure, people will grumble that more money is hard to turn down, but do you see them stampeding out the door?
Do you involve employees in decision-making? How much participation do employees have in determining work practices, hours, problem solving, and celebrations?
I recommend you go to the source. Your employees. Ask them what they like about working at your company and what they’d like to change. Be straight with them about what you can afford. Honesty is a valuable commodity these days. You might be surprised at some of the simple solutions you get.
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