As one of the world’s most influential businessmen, Virgin founder Sir Richard Branson recognises the value of his employees when it comes to his company’s success.
If your employees have been trained well enough to warrant leaving the company then there is a high likelihood that they have valuable sought after skills and industry expertise; making them a fantastic asset. Unfortunately, the employees that are valuable to you are also likely to be extremely valuable to your competitors. Therefore, there is a greater chance of them being approached by a rival firm.
This is particularly true in the modern world where searches and communication on LinkedIn – the world’s biggest social networking site for business professionals –may result in competitors approaching your staff with job opportunities even if they haven’t actively searched. As such, it is important to treat staff well in order to increase their motivation to work for your company.
One of the best ways to improve staff loyalty and motivation is by offering a pay rise or promotion; especially if they have excelled in their performance. To help you make an informed decision when it comes to this, our HR software has a Personnel Manager Module that shows the job/salary history for each individual. At a glance, you are able to see each position a staff member has had during their time at the company, along with the associated salary, to assist you in setting pay increment goals.
Our sister company, Croner, can also help here. Their pay and benefits experts (under the Croner Reward brand) publish over 25 salary surveys every year that show the median and quartile pay ranges for jobs across different roles, sectors and industries; invaluable in helping you to gauge what competitors are offering when you are creating a remuneration package.
As benefits are often just as valuable to staff as pay, Croner Reward also publishes an Employee Benefits Report that covers everything from holiday entitlements to company car allowances and health/pension policies.
All of these can help you to reward your over-achievers and keep them motivated. For employees that may be underperforming in their roles, it is often beneficial to provide additional training to help them gain the skills required to boost their performance. To make identifying training opportunities easier, you can conduct a Training Needs Analysis (TNA) from within Simply Personnel’s dedicated Training Manager Module. This works by matching a job specification to a job holder and flagging up any learning opportunities. With this, you are able to identify exactly what internal or external training it would be beneficial to arrange to bridge skills gaps.
This helps you to keep staff training extremely cost effective, as you only need to pay for courses that are going to help your staff fulfil their roles better. Costs associated with training can also be recorded within the software for ease-of-reference; as this is money spent towards boosting the employee’s future.
In summary, using HR software can help to make identifying training needs and job progression opportunities a lot easier; both of which can help to motivate your staff and improve their loyalty. Maximising your employees’ skills and keeping them motivated is highly beneficial in a world where employees can communicate easily with competitors for job opportunities on LinkedIn.