Culture, non-monetary offerings underscored to retain employees
Concerns about brain drain have been the recent subject of discussions across New Zealand amid tempting offers from overseas.
In order to retain employees, a whitepaper from Strategic Pay is urging employers to look into their workplace culture so they "love working" for the organisation.
"Culture is very important because it's the first thing people will notice about your business," the paper read. "It is critical to look at your teams and ensure they get on well and work comfortably with each other."
According to the paper, the culture may not be ideal if it has a lack of transparency or openness, making it much less likely to encourage a feeling of belonging.
Saying "thank you" to show appreciation can also be helpful in retaining employees, the paper added.
"Something as simple as this (if it's genuinely meant) can go a long way towards making people feel that their efforts are being recognised," the paper read. "Maybe gift them a voucher to take someone out to dinner if you have a bit of money for this in the budget."
Non-monetary benefits help with engagement
Meanwhile, the paper also suggested looking into the company's benefits and other non-monetary offerings.
"Popular incentives are time- and option-focused to give your employees more choices and flexibility," the paper read. "Being able to work from home at least some days each week can be a real benefit to some employees."
The paper also suggested thinking outside of the box when it comes to benefits, stressing that these are only useful if they are desired by employees.
"Perhaps offer employees who have different cultures or religions the option to swap Easter holidays for leave at a time of more significance to them," the report said.
Read more on how employers can engage and retain staff to prevent departures in this whitepaper from Strategic Pay.
