As a manager, your job is to hire talented employees and help them succeed. In order to accomplish that, you need to keep in mind the three key things that will attract and retain talent: recognition, benefits and development opportunities.
Merit Increase Program
Merit increases are a great way to recognize top performers. The question is, how do you calculate merit increases? And how much should you give?
If you’re not sure about the answer, here are some basics:
- Determine your employee’s salary range based on their skills and experience level.
- Calculate the percentage increase that would be equivalent to one year of pay (or more) for your company. For example, if an employee earns $60k, and you want to give them a three percent raise (or just over $1k), then multiply 60 by 1.03 = 61.6k; then divide 61.6 by 12 months = 586 dollars per month*. You can also use this formula with higher numbers – say an employee who makes 70k or 80k (or more). Set their goal at 8%, which would bring them up to 72 or 86 respectively.* If they’ve been working hard on improving themselves in terms of skills training or certifications throughout those years–like taking classes through Coursera or signing up for a course on Udemy–this will show through extra points!
Recognition is a powerful tool for attracting and retaining talent. It can be in the form of awards, bonuses, or trips. Or it could be public recognition or private recognition. The important thing is that you’re sending your employees (and potential hires) a message about how important they are to your organization and what you value as an employer.
In addition to your regular compensation package and benefits, which should be competitive with other employers in your area, consider adding a recognition program that rewards outstanding performance on top of that base salary and benefits package.
The employee benefits you offer your employees are a crucial part of the compensation package, but they can also be one of the most difficult aspects to manage. To make sure you’re offering the best benefits for your employees and keeping them happy, here are some tips:
- Keep it simple. When it comes to employee benefits, the more information you have, the harder it is for employees to understand what they need and how much those things cost. This makes it harder for them to make decisions about their personal finances—which means they may not take advantage of all available benefits because they don’t fully understand them or feel overwhelmed by everything on offer. That’s why we recommend keeping things as simple as possible at first—then gradually adding complexity over time as needed (i.e., when an employee asks questions).
- Communicate quickly and clearly via platforms like email or web portals where employees can access information easily at any time without having to call someone back right away who might not know all that much anyway! You should also make sure any documents related specifically towards HR needs are stored securely online under password protection so only authorized people (like yourself) will be able ask questions before being redirected elsewhere if necessary! And finally – don’t forget about accessibility either – which means making sure everyone has equal access rights both physically as well as digitally through mobile devices too!
Leadership Development Programs
Leadership development programs are important to help employees grow their skills and become more effective in their role. There are many ways to develop leadership skills, including mentoring, coaching and training.
Mentorships are one of the most effective ways to develop leadership abilities because they allow leaders to work with someone who has already achieved a high level of success in the field. Mentoring relationships provide an opportunity for growth outside of formal training programs by offering support from an experienced professional on how you can reach higher levels within your organization.
Digital coaching is a practice that’s been around for years but has recently gained popularity in the coaching world. While it’s still relatively new, digital coaching is quickly becoming the preferred method of coaching millennials and Gen Z employees who value flexibility and efficiency.
What Is Digital Coaching?
Digital coaching is when you use technology to help an employee get better at something they are struggling with. It can be used in any part of a business, including sales, customer service or administrative tasks. For example:
- If your customer service representative has been struggling with answering customer questions over the phone, you could send them some videos about how to provide excellent customer service over the phone. These tutorials could be played through their computer screen or emailed directly to their smartphone so they can learn anywhere at any time during their day (and not just during work hours).
- Or if your sales reps have been struggling with closing deals with customers on their own even though they’ve been trained on how to do this successfully, then perhaps this video series will help them break through those barriers!
When it comes to attracting talent, it is important to recognize top performers and help them succeed.
Attracting top talent to your organization is a crucial part of the employee recruitment process. When it comes to attracting talent, it is important to recognize top performers and help them succeed.
Recognition programs are one way that you can give your employees an incentive to stay with your company. These programs can include things like annual employee awards and ceremonial celebrations for milestones reached by different groups within the company. This helps build camaraderie in teams and makes employees feel appreciated. Employee benefits are another way that companies can attract top talent while also retaining it by offering perks such as free food on campus or work-from-home days once a week.
Leadership development programs are also very important when you’re trying to attract and retain top performers because they show employees that their hard work matters by giving them opportunities for advancement within the organization.
Talent recruitment is a difficult task, but it doesn’t have to be. By focusing on the five areas we discussed above, your organization will be able to attract and retain top talent for years to come.