Retention and engagement are two concepts that go hand-in-hand in the workplace. It also happens to be an area with a lot of room for improvement at many companies.
Retention strategies and employee engagement are two things that go hand-in-hand. It's also an area with an opportunity for a lot of improvement for many companies. I wanted to share some strategies that can help with engagement within your team, department, and company and can also add into retention.
Studies have found that compensation is not the primary motivator that keeps people happy about their company and current opportunities. It's also not the primary indicator of whether somebody will stay with the company. In fact, many studies from the last decade have shown that employee engagement is a strong indicator of retention and whether someone will be happy in their role.
So what does this mean, exactly? Engagement means that an employee is mentally there most of the day. In short, it's how happy they are in what they do.
Studies show that money isn't the primary motivator in keeping an employee happy.
When you have annual reviews, I encourage you to think about it in terms of career mapping. Understand what they love about their role and things about the role they don't like. Ask open-ended questions to understand what they'd like to do more of the in the next one or two years and where they see themselves in three to five years in terms of roles, responsibilities, and things they love to do within their career.
Career mapping, succession planning, and really understanding what's exciting to them about the areas that they want to grow into is absolutely crucial for employee engagement. It's by far a stronger way to retain someone than just money.
Of course, you want to perform a market assessment of compensation to understand where you stand in terms of what other companies pay for similar positions in your marketplace. Compensation is a factor, but it's not one of the top three factors for employees.
I hope you found this information helpful. If you have any questions we can answer or you have any SAP talent acquisition needs, please feel free to reach out to us. We'd love to help you.
