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Home Business Leadership

Ask the Business Coach: Retaining key employees – outside of monetary remuneration, what else should I think about?

November 24, 2021
in Business, Features, Guernsey, Isle of Man, Jersey, Leadership
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Channel Eye has joined forces with Royston Guest, leading Business Growth Coach and CEO/Founder of Pathways Global, in our column, ‘Ask the Business Coach’

Business Growth Pathways logo

One of the highest costs associated with people attrition is the recruitment, induction, and training of a new employee following the departure of an existing one. Though some attrition is unavoidable, it should be a priority to retain your best people for your business to grow.

The big three takeaways!

  1. Non-monetary rewards are becoming key differentiators
  2. The small things can make a big difference
  3. Consider how you’re setting yourself up as an employer of choice

Episode timestamps

  • [1.45] People have a thirst to grow and develop; consider giving your people a personal development budget.
  • [2.20] I know clients who provide cleaners if their people put in long hours or pay for a creche place for their children.
  • [2.50] Consider your broader employee proposition and how you’re setting yourself up as an employer of choice. Non-monetary rewards are becoming key differentiators, highly valued by employees. These include relocation services, career development, choice of location, and an improved work-life balance through flexibility with hours and days of working, allowing time to spend with children, attend school functions, and sports days.

Do you have a question for the Business Coach?

Send your questions to askthebusinesscoach@channeleye.media


Missed a previous episode? Catch-up and watch the series here.

Tags: #AskTheBusinessCoachGrowth Pathways
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Royston Guest

Royston Guest

Click here to see all of Royston's articles and here to find out more about Royston and Pathways Global

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