Contrary to popular beliefs, the correlation between job satisfaction and compensation is very weak. Instead, here are some useful strategies on how to retain your talent.
- Implement a kickass company culture - Your employees spend at least 40 hours a week at the office. Cultivate a place where they want to go to work everyday.
- Ensure perks are aligned with employees' needs - Cater perks to your employees' needs. If you have active employees, consider a wellness program.
- Get on the same page as your millennial staff - Understand what makes millennial ticks.
- Provide a career path for employees - Talent will only stay when there's room to grow.
In addition, being a great leader makes people want to stay and work for you. Be the person you want to hire, lead by example.