Filling the Role & Keeping It Filled: How to Retain Good Employees

employee compensation and benefits

A high turnover rate may suggest that something beyond the job description is at fault. If you are constantly in a cycle of looking for qualified talent, but they never seem to stick around, you’re not alone. Pivot HR has seen many companies in the same position, and we’ve worked with them to increase the desirability of the role. If you’re stuck, read through our strategies below.

Why Might You Be Losing Good Employees?

Does it feel like you are constantly on the hunt for an employee to fill a role? Businesses who see their best employees consistently moving on to other ventures may be experiencing one or more of the following:

  • Compensation and benefits have not been reviewed in many years or do not account for the area’s cost of living
  • Employees lack incentives to stay (bonuses, growth opportunities, raises)
  • Bad leadership (lack of accountability, poor communication)
  • Poor working conditions (bullying, harassment, toxic workplace culture)

The professional consultants at Pivot HR work with you to create a custom plan to help you retain your best employees. We work with you to first increase employee engagement and then work to provide value to keep them happy.

First: Employee Engagement

The first step to retaining top talent is through employee engagement. Giving employees a method of communicating feedback is an important step to job satisfaction. Open communication in a business is a giant step towards retaining your best employees. Here are a few ways you can start the process of creating a dialogue:

  • Online suggestion box for anonymous submissions
  • Poll employees when making decisions that involve them
  • Standing meeting slots available to employees to give feedback or ask questions
  • Set up an open-door policy

Let your employees be heard. Staff who feel they are not just another body will have a higher likelihood of staying in place.

Second: Retention

Retaining your employees can be achieved by increasing benefits, implementing a merit-based compensation plan, and paying a living wage for your area. Especially in Californian cities with an extremely high cost of living, like Santa Barbara, employees need to be paid substantially enough to cover housing costs.

We are seeing an increase in people moving away from Santa Barbara due to the cost of living. When was the last time your company’s compensation plan was reviewed? Your compensation plans should be reviewed annually to account for inflation and the area’s living expenses. If increasing employee salaries is not an option, adding benefits can be the right move. Paid sick leave, additional vacation, free parking, and reimbursing gym memberships are just a few ideas.

Custom Solutions to Keep Your Best Workers

Pivot HR works with businesses of all sizes to come up with personalized retention strategies that fit; sometimes, this includes evaluating service costs and budgets. We never hand out a one-size-fits-all solution for employee engagement and retention strategies, as each business operates differently.

Partnering with a third-party HR firm like Pivot HR can make it easy to find the strategy that works best for your organization and retain employees you deem valuable. Contact our team today.

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