In my company, I have 55 employees. Out of them, 12 employees are very good; I can say that these are the pillars of the company. They demand increments every 8 months, around 15%. If the company gives less than what they demand, they threaten resignation. What are the other ways to retain these valuable resources apart from money? They are already paid higher than the market rate. Please suggest any other perks for retaining them.
From India, Pune
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From India, Pune
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Retaining employees is a challenging task for HR and management. In this competitive environment, retaining high-performing employees is crucial. Money is not the only factor; other important aspects include a good working environment, benefits, performance-linked incentives, job security, and treating employees with dignity and respect.
I would advise you to have one-on-one discussions with those employees, as this can help in finding solutions to improve retention.
From India, Bhubaneswar
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138I would advise you to have one-on-one discussions with those employees, as this can help in finding solutions to improve retention.
From India, Bhubaneswar
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Hi Krushnamekhia,
This is quite a common situation, which unfortunately you have allowed to get out of hand.
Any number of factors can occur to reach the position you find yourself in, but I will only focus on two; I am sure other members would contribute more.
1) Leadership.
It seems to me that your leadership is a little weak. This weakness is being exploited by this "Gang of Twelve." They see you as needing them more than they need you. Hence the constant demand for increments and threats of resignations. This is tantamount to blackmail, and you MUST put a stop to this immediately. If they are already paid highly, it is unlikely that another company will pay more than the market rate. Personally, I would accept one or two resignations and call their bluff.
2) Communication.
You need to call a meeting with these twelve. Explain to them that for a company to grow and expand (which will give them more opportunities), it needs to constantly invest. This investment is hampered by their constant demands for increments. Therefore, targets and KPIs are going to be set, and increments MAY be awarded annually if these are met. You should also tell them that you will consult with them individually to set these parameters. The targets and KPIs should be ones that will stretch them but are also achievable; otherwise, it will have a negative impact.
Do not be afraid to show them your financials and profits; employees react positively when there is transparency. Tell them about your plans for the next 12, 24, and 36 months; how you plan to grow the business with their inputs. Be positive, enthusiastic, and motivational; you are a business that is going upwards!!! and they need to be a part of it and not drowning it!!
As for giving them perks for retaining them, is that not the same as giving an increment? In other words, it is still costing you.
Perks should be given as a reward for achievement, not retention. For example, hold a competition; the prize could be a meal for them and their family in a classy restaurant. It should be something that they will talk about with colleagues the next day, improving morale.
I hope the above helps.
Regards,
Harsh
From United Kingdom, Barrow
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This is quite a common situation, which unfortunately you have allowed to get out of hand.
Any number of factors can occur to reach the position you find yourself in, but I will only focus on two; I am sure other members would contribute more.
1) Leadership.
It seems to me that your leadership is a little weak. This weakness is being exploited by this "Gang of Twelve." They see you as needing them more than they need you. Hence the constant demand for increments and threats of resignations. This is tantamount to blackmail, and you MUST put a stop to this immediately. If they are already paid highly, it is unlikely that another company will pay more than the market rate. Personally, I would accept one or two resignations and call their bluff.
2) Communication.
You need to call a meeting with these twelve. Explain to them that for a company to grow and expand (which will give them more opportunities), it needs to constantly invest. This investment is hampered by their constant demands for increments. Therefore, targets and KPIs are going to be set, and increments MAY be awarded annually if these are met. You should also tell them that you will consult with them individually to set these parameters. The targets and KPIs should be ones that will stretch them but are also achievable; otherwise, it will have a negative impact.
Do not be afraid to show them your financials and profits; employees react positively when there is transparency. Tell them about your plans for the next 12, 24, and 36 months; how you plan to grow the business with their inputs. Be positive, enthusiastic, and motivational; you are a business that is going upwards!!! and they need to be a part of it and not drowning it!!
As for giving them perks for retaining them, is that not the same as giving an increment? In other words, it is still costing you.
Perks should be given as a reward for achievement, not retention. For example, hold a competition; the prize could be a meal for them and their family in a classy restaurant. It should be something that they will talk about with colleagues the next day, improving morale.
I hope the above helps.
Regards,
Harsh
From United Kingdom, Barrow
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Employee Performance.pdf