After eight years of innovation, expansion and hard work, Facebook is now a publicly traded company worth $104 billion. But as the IPO dust settles and begins to fade, what happens next for Facebook and its employees? Many employees have newfound wealth and, as a result, Facebook management faces a risk of losing talent. With their fortune, employees may start their own company or pursue other ventures. How will Facebook retain their top talent? This isn’t just for Facebook, many companies face this problem every day. Money is enough to get employees in the door, but it’s not what gets them to stay. Organizations must look beyond monetary incentives to keep their employees happy, motivated and engaged.
How to increase retention with these easy three tips:
- Keep the company’s vision in focus. Tie employees to your company’s vision and have them on board to fulfill the organization’s mission and take success to the next level.
- Ensure employees are recognized and rewarded –a pay check is not a “thank you.” Employers need to think beyond money and recognize and reward employee contributions to motivate and engage them. According to Gallup, a key variable in employee engagement is whether employees are recognized at least every seven days. Employees who report that they’re not adequately recognized at work are three times more likely to say they will quit within the next year.
- Provide employees with interesting and challenging work - employees crave challenges; in fact, employees rank “interesting and challenging work” as one of the most important factors when choosing where to work. Management should always be proactive and ask employees what interests them and then provide opportunities for new ideas and projects.
What are some non-monetary ways that your company retains top talent?