Do Employees Value Compensation or Professional Growth?

July 24, 2015 | TalentBridge News

One of your greatest challenges as an employer is finding and keeping top talent. What can you do to attract the best employees, and then entice them to stay? Does the secret to success lie in topping your competitors when it comes to your salary package – or is professional growth the deal breaker?

The answer is: Both. But especially among millennials, who are fast becoming the dominant population segment in the global workforce, opportunities for both personal and professional enrichment trump financial earnings as their top prerequisite for joining a company.

Money will always matter. But more and more often, it ranks below professional growth in order of importance. People want fair compensation, but a majority of employees look at non-monetary reasons first. They want to:

  • Grow, learn and advance in their careers while working on challenging, interesting projects.
  • Be recognized and appreciated for their efforts.
  • Feel like they’re a part of something that adds value to their community.

Employee Growth Strategies

The best employees want to develop new knowledge and skills in order to enhance their value in the marketplace. If you want them to grow with your organization instead of outgrow it, you need to:

  • Organize and structure your training so it meets team members’ individual needs. This may include in-house programs for skills development, outside seminars and workshops, tuition assistance, online learning, or bringing in experts to educate people on subjects pertinent to their personal lives.
  • Offer training, growth and development that sets you apart. Build your employer brand by showing that you truly care about your employees. Establish a learning culture by creating individual development plans, encouraging people to join professional associations, starting mentoring programs, and investing in career planning.

Compensation Strategies

Effective compensation strategies are based on a single fundamental premise: Money alone will not retain most employees.

  • Offer flexible benefits to respond to today’s changing workforce. Your menu may encompass stock options, time off, telecommuting, on-site child care, employee assistance programs, discounts on purchases, or gym and fitness club memberships. Listen to the needs of your team members and respond accordingly.

The Talent Bridge team of recruiters and workforce experts can help as you design the sourcing and retention processes you need to secure industry-leading talent. Read our related posts or contact us today to learn more.