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For many businesses, retaining valuable talent is ultimately more sustainable than constantly burning through your current roster and replacing them with new workers. When great employees stay on, the specific knowledge they earn allows them to be force multipliers that accelerate your business’s growth, making them far more valuable than their raw metrics may suggest. However, if these high-performing employees leave, they can be difficult to replace if they are replaceable at all. To prevent people from leaving your organization, let’s look at ten strategies that may encourage your best team members to stay loyal:
1) Offer Industry-Competitive Base Salaries
At a time when even regular employees are more aware of their industries’ median wages, giving base salaries that are not up-to-par will invariably result in you losing your best people and all the value they bring to the table. If you want to attract and retain the best talent or if you’re concerned about turnover costs, take some time to review your compensation package and payroll system. By paying your star performers more than the industry median, you’ll be better positioned to ensure their loyalty to your business.
2) Make Sure Salaries Are Disbursed Accurately and Consistently
It’s not enough to simply offer competitive salaries and compensation; you also have to be able to deliver whatever you promise. However, the rapid bi-monthly cycle of the payroll system Philippines businesses follow can present some practical challenges for smaller operations. Fortunately, a plethora of locally focused small business payroll management solutions is available to meet the need for accurate and consistent salary disbursement.
If you have a Maya Business Manager account, you already have a potent payroll management system at your disposal. Maya Disbursements is an affordable, hassle-free payroll and payout management tool specially designed to cover and automate any fund disbursement need, making it a great option for staying on top of your employees’ compensation.
3) Provide Flexible Work Arrangements
Flexible schedules are especially desirable if you cannot provide more than the minimum number of leaves or if an employee’s circumstances prevent them from consistently making it to your work site. Offering alternative work arrangements such as compressed workweeks or remote work to accommodate your high-performing employees’ lifestyles can serve as an acknowledgment of their contribution and help prevent their attrition.
4) Provide Allowances
Allowances can be a powerful way to signal how much you value your employees. By not merely sticking to industry wages or government-mandated benefits, you’ll show that you’re willing to do more than your competitors to keep your top talents.
Apart from managing payroll for small business operations, Maya Disbursements can also perform allowance management functions. Once it’s been enabled on your Maya Business Manager dashboard, you can use it to manage allowances and other non-salary cash benefits automatically, saving you time and helping you retain your best people.
5) Be Respectful—Especially of Free Time
Respecting your employees' personal time shows that you do not view them merely as production inputs but also as individuals with their own interests. Encourage a healthy work-life balance by discouraging excessive overtime and by respecting days off. When employees feel valued and supported in their personal lives, they are more likely to stay committed to your organization.
6) Resist Micromanaging Good Workers
Micromanagement is the fastest way to stifle creativity and demotivate high-performing employees. Once you entrust an employee to perform a task, give them the autonomy to make decisions within their role. Avoid the urge to nitpick any minor errors that do not impact your business goals. Empowering employees in this way fosters a sense of ownership and engagement that encourages them to stay and grow with your organization.
7) Build a Culture that Meaningfully Recognizes Achievement
Aim to establish a culture of appreciation and celebrate your employees' achievements. In memos and scheduled meetings, let the rest of the team know when an employee has achieved something notable. To encourage outstanding behavior at a deeper level, consider implementing a bonus system to reward performance above and beyond the expected minimum. Taking these steps should not only boost employee morale but also make your organization a more positive place to work.
8) Use Data Analytics to Discover Reasons for Employee Turnover
Use data analytics to identify the root causes and patterns of employee turnover in your organization. By understanding why and when employees leave, you can implement targeted strategies and avoid struggling with difficult staffing and hiring issues. To supplement your data, you can implement regular anonymous surveys and feedback mechanisms that can provide valuable insights into employee satisfaction.
9) Invest in Employee Development
While all employees are motivated by good salaries and benefits, as a rule, high performers will appreciate opportunities to further develop their skills and productivity. Assisting great employees with career advancement opportunities will make it easier for them to see a future within your company, encouraging their long-term commitment.
10) Offer Easy Loans
Lastly, cash advances or easy-to-pay loans can be a factor in encouraging your staff to stay on board, particularly if they're facing out-of-the-ordinary financial challenges. Apart from salaries and allowances, Maya Disbursement also enables simple employee loan disbursement and management, making it a key part of your business’s employee retention toolkit.
Keep Your Best Talents Onboard with Maya Disbursements
For accurate and automatic disbursement of loan, salary, and incentive funding, you need a payroll system Philippines’ startups and small businesses can depend on. Maya Disbursements saves time and keeps your team in high spirits by simplifying your small business’s payroll management and payouts. Create a Maya Business Manager account today to start scheduling accurate payments to employees, beneficiaries, and suppliers.
Having a Maya Business Manager account also lets you unlock the perks of the Maya 1-2-3 Grow bundle. The Maya 1-2-3 Grow promo gives your small business a 1% merchant discount rate (MDR) for all QR Ph transactions completed with Maya Business payment solutions. This comes out to PHP 14,600 in transaction fee savings for every PHP 1 million in QR Ph sales completed within a 3-month period. As part of the bundle, having a Maya Business Deposit account as your settlement account also lets you enjoy free fund transfers via InstaPay and PesoNET, as well as a generous 2.5% p.a. interest on your account. This translates to PHP 25,000 in earnings on a PHP 1 million deposit. Finally, you’ll also be eligible to a Maya Flexi Loan offer of up to PHP 2 million within just 3 months from signing. Create a Maya Business Manager account today for better disbursements, payment tools, and opportunities for your small business
