Is attracting and retaining key staff a problem that is affecting your business? Jo Haigh gives an overview of how to attract and retain your key employees.
How to attract and manage your key staff is a problem affecting business across the world, let alone the UK. Millennials, those people who are occupying lots of important seats are now accounting for over 50% of the workforce. They require a different motivation from the baby boomers and generation ‘x’ and ‘y’ that you may be more used to dealing with.
What incentives are there for Millennials? It is important to put in place structured schemes. One of these is called a long-term incentive plan, but it could be a growth scheme or EMI scheme. It is not necessarily all about money with Millennials.
Key points to remember:
- Make sure you know what your staff actually want.
- Ensure the correct products and procedures are put in place, rather than what you think is going to work.