How Can We Keep Our Top Talent Without Offering More Money? Seeking Your Advice

Dear Seniors,

I am working in an IT software company as an HR Generalist. We offer a comparatively good salary package, yearly increments, and other benefits to our employees. However, we still face challenges in retaining key employees within our organization.

I am seeking suggestions on how to retain our best employees (talent) through non-monetary means. Any advice would be greatly appreciated.

Thanks,
Anjali K

Dear Anjali, recently, I had given a reply to a similar query. Please click the following link: https://www.citehr.com/587074-employ...signation.html

Understanding Key Employees

Your query is about "key employees." Why are these employees important to you? Do they have a unique skill set? Do they have a high level of performance, or is it that their performance is just above average, but finding people with that specific technology is difficult, hence you are calling them "key employees"?

Suggestions on Retaining Key Employees

a) First and foremost, give them sufficient autonomy. However, autonomy also comes with accountability.

b) Find a good mentor for them. For this, you need to institute a "Formal Mentoring Programme" in your company. Click on the hyperlink to know more about this programme. Please note that this programme is different from the "buddy programme."

Another important thing is to groom their successor well in advance. Of course, this is not part of retention planning, but you need to have a standby for them.

The last sentence of your post reads, "how can I retain the best employees (talent) in non-monetary ways." Well, my dear friend, nothing comes free in this world. You want to retain someone "best" without spending anything. Please note that quality comes with a premium. Enjoying both sides of the world is possible but only in dreams!

Thanks,

Dinesh Divekar

I am not from HR, but I too am an employee in an MNC. All I wish to say is, once, please try to know the employee's perspective also. You never know, simply by talking to them, you may find your answer.