Do you know that the number 1 concern HR leaders are facing today is not talent availability but talent retention? About 3 in 4 Singapore companies still heavily rely on financial incentives alone to retain talent even with 69 percent facing higher turnover as compared to 2020.

So, what are better ways to retain your talents other than relying solely on compensation? What incentives would work more effectively for talent retention?

Here are some insights reported by Channel News Asia:

1) 360 Degree Feedback System

360-degree feedback involves gathering information not just from the direct manager but also from co-workers. Smart organisations are those that are able to take advantage of the cognitive diversity and receive input from a diversified set of reviewers, which would also mean that the employee would receive a fairer view of their performance, especially so in a remote or hybrid work environment. Leaders would also garner a more holistic understanding of their team members’ performance as compared to the traditional single-rater system. A good 360 degree appraisal system would help to sieve out patterns of behaviour that could be helpful in assessment as well as to plug information gaps. Some insights that could come about from implementing a 360 degree feedback system could be personalised learning and development plans for each employee or having an automated system to easily schedule appraisals,assign reviewers and analyse outcomes from the feedback.

2) Regular Check ins

Companies could consolidate the feedback received from reviewers and map out a training or development programme for their employees to close their competency gaps. Companies should also enable regular check-ins with their employees as studies have shown that monthly check-ins are up to 1.5 times more effective at employee engagement and retention. There could be daily “stand up” meetings to anticipate and address issues early to help a hybrid or remote team feel connected and supported.Set communications guidelines so that employees can stay collaborative and connected in ways that are aligned with the organisational culture. Set aside days for “no meeting time” so as to help employees do focused, undisturbed work. It is important to take in feedback using regular check-ins to see what employees need for them to excel in their roles.

What do you think of the above incentives for talent retention? Are there other incentives that your HR department rolled out to retain your employees?