1. Evaluate Compensation Regularly
Money isn’t everything to employees, but it’s an important piece of their overall job satisfaction. Stay current on compensation trends by reviewing industry reports such as Robert Half’s latest Salary Guide for the accounting and finance industry. Even during periods when you can’t raise salaries, there may be other compelling rewards and perks that you can provide, such as spot bonuses at the end of a major project.
2. Offer opportunities for career advancement
Structure positions so star employees can grow their careers without leaving your firm. Offer promotions to workers who have demonstrated they can succeed at the next level. Also, think about succession planning as a way to help valued staff members better visualize their future at your firm. Other opportunities, like job rotation, can also give workers the chance to earn skills and experience that can help them reach the next rung of their career ladder.
3. Help Employees understand how their work makes an impact.
A survey by our company found that more than half of professionals (53 percent) seek more insight on how their day-to-day duties make a difference to the organization. So, be sure to help your staff understand how their contributions impact the bottom line so that they will feel more engaged. (See this post for tips on how to help your employees make the connection.) 4. Provide Benefits that Don't Cost Money
When you do not have the money to provide an adequate salary and benefits for your employees, you must be creative in ensuring that you provide benefits to your employees. There are several benefits that don't cost money.
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