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Staff Retention

Employees are no longer content to work for one employer for the rest of their active lives without sufficient compensation. In addition, employers have come to realise that the turnover of staff have serious financial consequences for their businesses. It has become imperative that employers find additional methods to retain the services of such staff members. The need Employers who have highly valuable or key employees may find it very difficult to retain their services in the face of competitors offering better remuneration packages. In addition, the loss of employees with special skills or knowledge may result in a financial loss to the employer. While salary increases may provide a solution, they do not guarantee that the service of key employees will be retained. The solution The basic solution is some form of financial incentive, over-and-above the employee's salary, which should discourage the employee from leaving. This can be done through a cash payment (bonus) paid from an investment scheme, participation in profit share or via a share option scheme.
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