I once had a sign on my wall that said “Money can’t buy friends, but it can purchase a better class of enemy”. This is trite and silly, but we are finding that money can’t buy everything. A recent article in the online version of In The Black by Angie Cui (read it here) notes that it is unlikely employers will be giving out pay rises anytime soon, and even if they did, pay rises are not necessarily the best way to retain key staff.
So what are the other methods of being able to keep key staff other than cash, well the article offers 4 alternatives that are well worth exploring further. While the detail is in the article, the summary is:
- Create a positive and respectful working environment
- Offer meaningful employee rewards
- Give staff room to grow
- Offer flexible scheduling.
There are some great ideas in amongst these, and organisations are well advised to give thought to them if they want to keep their best staff.
Dr Warrick Long, Senior Lecturer and Leadership Postgraduate Studies Coordinator.