Every year the number of people who are seeking jobs increases rapidly in Cambodia job market. However, there is still challenge for many employers to hire professional employees to work for because organizations are competing with one another to headhunt best talents to join their company.
With this competitive labor market, potential employees set themselves high demand of salary expectation. They are willing to move if any employers could offer them well-paid wage, which produces high turnover rate in some companies. For this reason, employers face big challenge with both new hiring and existing staff retention.
Losing a key staff leads to impacts on business operation badly. Beside productivity loss, finding new replacement costs employers time and money. New comers usually spend at least from three to six months in order to understand and perform their roles well. That’s training course.
So what can employers do to retain their key staff?
Here are 7 ways to motivate employees to commit long-term with their employers:
1. Learning Opportunity
Most employees seek opportunities to engage in professional learning. For instance, training courses to increase their leadership capacity can be applied to newly promoted supervisors. Some employees from rich family background may stay long-term as long as they can learn new things from their jobs apart from financial motivation. Other staff sees learning opportunities not only by professional courses, but from their management directly because they are inspired by his or her management style.
2. Competitive Compensation
To attract new talents and retain existing professionals, it’s vital that employers offer salary that meets or exceeds employees’ expectation. Usually, the pay should be more than that offered by other businesses in the same industry. Keep updated with how much competitors pay their staff, and make annual salary review based on not only policy, but also staff’s performance and inflation matter. It is not a good sign if lucrative employees leave a company and join their competitors.
3. Growing Opportunity
Growing opportunity refers to spaces within a company that are more available for employees to be promoted to hold better role. Opportunities can be available in same department or cross-departments. Some organizations that are in growing stage also provide their internal staff opportunities to grow if employees are willing to work based in other locations, for example.
4. Quality of Management
It is said that employees leave managers not company, so management quality plays important roles in giving staff warm working environment. A lot of people complain about poor management when talking about their reason of leaving previous jobs. In order to keep key persons long-term, business owners should treat them well so they will take care their business.
5. Firm Reputation
Companies with long-term and good reputation are ideal workplace employees wish to spend their working life with because they believe that they will have stable career with competitive pay. What is more, working for big firms gives employees high profile background. For example, Cambodian employees prefer working for the bank because of job stability, standardized policy, high profile in society etc.
6. Employee Benefits
Well-paid salary alone is not enough to buy employees’ commitment to stay long-term. Employees seek not only a job with big salary, but also outstanding benefits. Benefits mean both financial and non-financial rewards to keep employees motivated. Financial benefits include incentive, commission, year-end bonus, 13th salary, retirement benefits. Non-financial rewards are flexibility working hours, work-life balance, public holidays, leave etc.
7. Working Environment
Working environment is a key factor that influences employees significantly on how they feel about their surroundings at work. Positive working environment makes employees feel happy and motivated to perform their daily duties. Employees like to work for a company with transparent and open communication, trust building, recognition for hard work, strong team spirit so on and forth.
Even though competitive compensation works well in current labor market, meaningful work is vital to motivate employees to stay long-term with company. Beside big salary, talented professionals seek challenging assignments, opportunities for career development. The more employers could provide to their staff, the more they attract new professionals and keep their existing.
What motivates you the best to stay long-term with your employer?