Retaining Talented Staff
Managing talented employees can be challenging around performance and salary review time. This is especially true if budgets are tight and their expectations in relation to a salary increase has not been met.
So what happens when you know you want to keep them, but don’t have the budget to say it with cash?
Here are some ways to go about retaining talent that help the employee continue to be an asset to your firm.
You will likely find that an investment in this talent even reaps client or revenue opportunities for your firm.
1. Non-cash Options
These might include structuring their bonus differently, paying for their health cover, providing on- site parking, paying above average superannuation, increasing their level of flexible hours.
2. Professional development
Study assistance or sending them on an exclusive course or conference can go a long way. Would business development or practice management coaching be appropriate?
3. Get them a mentor
Mentoring in the legal industry can be formal or informal. Many experienced lawyers have taken less experienced professionals under their wing to act as a sounding board for career issues. Mentors can also provide valuable introductions to networks beyond the employee’s current reach.
4. Is it time for a new opportunity?
Has this particular employee been in the same role for a long time? Have they been working with the same clients? Is there a project or a new client that will add to their existing skill set that you can offer them?
Would a sideways move add skills they are needing to make their next career move?
5. Focus on your company culture
Does it nurture their talents? Are they being developed? Have you invested in their success? A company with a fantastic corporate culture fosters staff loyalty and engagement. It is hard to leave a company with such a culture, even if an offer is attractive!
6. Is trusting them in a deeper way appropriate?
Could they be bought into whole-of-firm commercial insights? Or could they have more face time with senior management? Could they step up to be involved in pitches to new clients?
7. Give them networking opportunities
Whether this be a company conference or industry seminar this helps them make connections and develop their networks. This is an investment in their potential.
8. Ask them!
Ensure that they understand that budgets for salary increases are limited. It makes sense to ask them if there is something you as their people leader could do to make their experience in the workplace even better. Explain that they are a valued employee – they might surprise you with a request for a day off or a request to work on a particularly challenging case. You never know unless you ask!
Have you had to reward a talented employee in a way other than a salary bump? We would love to hear about your experience. Did it keep them loyal to your firm?
