Every organization follows some strategies to retain the talented employees. It is most important thing to know that what motivates employees beyond money. It is also observed that a company with a high attrition rate is considered to suffer from a low motivation level. Generally companies offer fat pay cheques and other benefits to motivate their employees. However, it is not possible to satisfy all the employees of the company. Some employees may feel that they have not got what they fairly deserve. But the focus cannot be on great pay cheques and other perks but also some career advancement initiatives also motivates employees to get ahead in their career.
Build trust and responsibility: Each and every employee is assured with specific roles and encourage them to complete their tasks with more responsibility. This aspect will make employees feel more responsible and reduces the chances failures. Explore the comfort zone of the employees by shifting the roles of an employee within different teams or functions. This process will allow the internal employees to apply for a role of their choice. This is a great opportunity to the employees who think they will do better at some other function get a chance to switch roles.
Incentive plan: The incentive structure of a company should be in sync with the kind of business it performs. Incentive plan should be adopted as per the company policies and strategies. Introduce some plans like Quarterly Touch Point (QTP) that allows managers to connect with each of their team mates and have a discussion on employee performance each quarter.
Get connected and be flexible: Encourage the employees to share their ideas and motivate them to give their best. Share the news and updates, challenges and accomplishments of the company will increase transparency and avoid rumor building. Offering flexible work options will definitely help to balance the work life.