Question:
I set up my company in Beirut, Lebanon 2 years back and although I have made it a point since day 1 to offer employees Salaries that are higher than average (compared to other companies in the local market), my turnover rate is still getting higher by the day. What other than Top Salaries do employees want?!
Answer:
Sorry to break the news, but repeated Bayt.com HR surveys and polls have highlighted that while salary is a key factor in ensuring employee loyalty, it most definitely is not the only one. Bayt.com’s 2011 Middle East Salary Survey shows that while 58% of surveyed working professionals in Lebanon state their organizational loyalty is between 50 to 100% directly linked to the salaries they receive, other loyalty drivers play an important role in keeping them devoted as well such as opportunities for long term growth (at 47% of votes), their company brand and reputation (32%), their colleagues and the environment they work in (at 31% of votes). My recommendation to you is to revisit your:
- Company policies and procedures: Do your employees share your organization’s values and culture? Do they see themselves part of your vision? What are you doing on that front to better involve them?
- Training and development programs: The fact that your company was recently launched does not entitle you to overlook staff training and development. Even if you happen to be on a tight budget, on the job training, occasional in-house seminars or lectures, online trainings are good enough to get you started and keep staff morale on the up!
- Branding Strategy: Being new to the market naturally necessitates a solid and aggressive branding campaign. But bear in mind that this is best done by cherishing honestly and transparency when dealing with clients and staff, striving to keep your feet on the ground, remaining accessible at all times and demonstrating commitment to your larger community if the conditions permit (i.e.: taking part in CSR initiatives that would boost employees’ sense of belonging and fortify your company’s reputation and image in the market).
- Office Working Conditions: A recent Bayt.com poll about working conditions in the Middle East shows that 60% of the region’s working professionals prioritize good working conditions , which not only consists of generous packages and training and development schemes but also agreeable office settings (such as lighting, seating, lunch room, etc..) in addition to room for job authority and decision making. How well are you faring in light of the aforementioned?
