What to Do When Employees Want to Leave for a Higher Pay
Any change in staff is inevitable at some point – but it also can become costly for businesses and employers, as it directly affects companies’ bottom lines.
Perhaps the most common reason for leaving a job is the promise of a better offer and payment elsewhere. In this post, we look at how to retain employees who are financially motivated to counteract the likelihood of staff reductions as a result.
If a higher pay is an employee’s main motivation for switching companies, prepare to consider a comprehensive remuneration package and make sure the employee understands what is included in this package.
Consider modern work schedules and the increasingly important life-work balance and wellbeing of the employee. Add some additional benefits on top of the traditional compensation such as:
- Flexible schedules
- Remote work privileges
- Health assistance and wellness programs
- On-site child support and day-care facilities
- Services and travel discounts
- Employee assistance programs
Provide employees with an annual statement of total compensation that shows all of their wages and benefits offered. This move will assist employees to fully appreciate their remuneration package and rewards for doing their work.
Include the following, if applicable, in the remuneration statement:
- Employer contributions to retirement
- Other contributions to benefits
- Educational and other assistance
- Paid time off (PTO)
- Stock options and other gains
It also helps to keep a regular eye on the competition and other market-related salary offers to ensure you can afford a comparable package.
Another great idea is to conduct an annual wage and salary survey to get insight into your employees’ opinion about their current salaries and find out what else you can add to the offer.
Like it or not, employees who are well-compensated are more likely to remain engaged with your company.
Professional Sourcing is a top-tier South African-based recruitment agency operating internationally, IPM accredited, LEVEL 2 BEE RATED and 51% Black Owned.
Our agency specialises in professional placements (senior and specialist talent) and exclusive skills recruitment to a wide range of industries, including JSE’s top 100 companies, SMEs and the Public Sector. -- Patricia Jacobs