Posted on 15/07/2017 in Digital Transformation Series

Top 5 Staff Incentives To Remain Digitally Competent

Top 5 Staff Incentives To Remain Digitally Competent

Almost all companies face the problem of retaining talented employees. However, when it comes to the world of digital technologies, the problem is even greater. While getting quality employees can be a daunting task in the first place, retaining them once hired can be an even harder task. For small upcoming businesses, it is an uphill task, as they have to put up with the high competition from large and well-established companies.

Employees of high calibre are always a flight-risk. They are always on the lookout for new challenges and can be attracted by moved by new career opportunities. But why do companies struggle to retain talents? First losing strategic employees without enough warning can very detrimental to the company’s crucial projects. In many cases, everything is on hold as the company tries to source for a replacement or groom someone from within. The cost of getting another one in place is exceptionally very high for many companies. From recruiting and training, to the cost incurred because of a drop in productivity due to loss of a strategic employee, companies would rather invest in retaining their current employees. Hiring a replacement eats up much of the company’s resources and time. Additionally, finding a perfect replacement with the same qualifications is very hard or impossible altogether. For a small business owner, the following are some of the ways to retain tech talents and remain digitally competent:

#1: Aim to have a successful business in the first place

It is true that success attracts success. If your business is successful and showing potential for more growth, then it will keep attracting good talents. Many businesses in the digital space are doing well, but if a company doesn’t tell the outside world about its goodness, then it, may be overlooked by candidates and lose them to its competitors. In a competitive labor market, businesses need to step up their self-promotion so as to attract top talents.

Employees always want to be associated with successful companies. Attracting talented employees will, therefore, start with building a building a company that employees will be proud to be part of.

#2: Have a competitive compensation plan

At the top of any workforce-retention program are competitive salaries. Although many people argue that money is not everything, it is evident that attractive salaries are very effective tools for recruiting and retention of employees. Public recognition and awards are very important to performing workers, but before that, financial incentives should come first.

Although companies with strong brands and attractive workplaces may not have to pay a lot, companies that don’t have the same privilege need to have an attractive compensation plan in order to avoid losing employees to other companies. Calculating a starting salary for a new employee can be very simple and straightforward especially if you are using a recruitment agent. The main challenge is in trying to come up with salary increases, which is one of the main factors driving employee retention.

According to a research by the research company Talent Management magazine, 88 percent of human resource professionals are of the belief that salary is the most important and effective way of compensating employees. The research further says 42 percent of companies are always willing to offer a salary increase outside the normal compensation structure for exceptionally talented employees. According to the same research, 68 percent of companies do not have an official review process to ensure that the right employees compensated well in relation to their fellow employees.

#3: Retention Starts At Hiring-Do It Right

Before struggling to retain top employees, a business should ensure that it hires the right people in the first place. There a few factors to consider during the hiring process to make sure that the people brought on board are the best fit for the company. For a starting business, be selective. This is because your main aim is to increase the odds of success between the person you hire and your business.

Additionally, for digital businesses, diversity in experience and background is a major point to consider when hiring. It will be a waste of time and resource if you hire the same digital engineers and experts like the ones you already have on your team. You should go for candidates that show curiosity and self-determination in picking up new technological trends.

To hire the right people, a company should start by explaining itself first and communicating the same to potential and aspiring candidates. A company should clearly explain the set of skills it desires to hire. Additionally, a company should recruit for culture more than just the skills. In line with this, a company should seek to hire employees that share in its values and aspirations.

#4: Offer career development opportunities

Employees are always looking for opportunities to advance in their careers. This starts with working in a competitive and challenging working environment. In addition, a company should open as many learning opportunities as possible. Allow employees to attend meetings and conferences, encourage them to speak and share knowledge and experiences, organize in-house lectures and offer them chances to venture into other projects.

Apportioning the company’s time and resource to employees’ education may seem like a waste. It however pays off in the end. A poor manager will say, “What if I dedicate resources in my employees’ education, and they are later hired by my competitor? “; And the smart one asks, “What if I don’t and they remain with me?” Retaining your best employees requires a little consideration, though and strategy.

#5: Create a sense of urgency among your employees

Employees should feel a sense of independence and urgency. This is a motivating factor. They should sit and make decisions on important matters as well. Cultivate a culture that supports and encourages workers when they make mistakes out of crucial decisions as opposed to a blaming culture. Working in a culture that continuously points fingers for the mistakes that come out of decisions made, will make employees shy away from making those decisions in the first place.


 

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This is Part Three of the Seven-part Digital Transformation Series for Small Business Owners(See Part 2). In Part Four, we will discuss some of the resources required to remain competitive from a Solopreneur point of view.  Until next time, Follow us on twitter or share this page, get in touch, leave us a comment and like our Facebook page.

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