Employee poaching can be damaging to organizations, especially in highly competitive industries.
Needless to say, no employee should be deemed as indispensable in a company. That, however, does not mean that you should not take care of great talent when you see one in your firm.
In fact, human resource personnel should utilize various programs and strategies designed to strengthen employee retention. These strategies include generous compensation, flexibility in scheduling and an attractive bonus scheme.
However, money should not be the key driver in attracting and retaining top talent in your organization. According to several key studies, top performers look beyond money when deciding whether they should remain in a company or jump ship to a competitor. If the salaries offered by two competing companies are closely matched, a top performer will almost always put greater weight on relationship matters when making a decision.
There are several non-monetary ways that organizations can boost employee retention.
First, you have to recognize the efforts of your employees, especially when they bring about new ideas to the table. It is also beneficial to the organization and to its members to create networking and training opportunities for staff members.
Recognition is another key principle that can help motivate employees to work harder and stay within the fold.
Finally, organizations should recognize that for their employees, there is life beyond the office. Companies must support their employees with their endeavors outside of the workplace, including family life. Strategies like flexible scheduling can help organizations achieve this goal.
A well-designed and properly implemented employee travel incentive program is one great way for companies to achieve multiple goals, including increased sales and productivity, employee retention and motivation, and a whole lot more.
This incentive program can be used as an opportunity for executives to exchange ideas with top performers in a more pleasant and conducive setting. This will allow your employees to feel valued and appreciated and will likely contribute to their loyalty to your company.
If you have not yet implemented a travel incentive scheme in your company, hiring a professional to handle its various facets, including planning, marketing, logistics and implementation, will ensure that the program works seamlessly, allowing all participants to fully reap the benefits this scheme offers.
Hiring professionals to do all the legwork involved in an incentive travel program also offers business owners an opportunity to focus on their employees and even give them some welcome time off from work.