A study by McKinsey found that internal mobility can reduce turnover by up to 30%. When organizations provide employees with opportunities to grow and move within the company, they are less likely to seek opportunities elsewhere.
Create internal mobility opportunities by allowing employees to move across different roles or departments to gain new experiences. Create opportunities for employees to collaborate on projects or join cross-functional teams, giving them exposure to different areas of the business.
Competitive Compensation and Benefits: When employees feel they are not being fairly compensated compared to peers in the industry, they may start looking for alternative job opportunities. Salary benchmarking helps prevent this by keeping compensation aligned with external market conditions.
Salary benchmarking ensures employees are compensated fairly based on industry standards, making it less likely they’ll leave for higher-paying opportunities elsewhere.
Regular adjustments based on benchmarking reflect an organization's commitment to rewarding employees for their skills, experience, and contributions.
If salary budget is an issue, companies can look at other fringe benefits such as
·Comprehensive healthcare plans, including mental health support and physical wellness programs.
·Training and skill development funds to encourage employees to upskill their skillset
·Offer Flexible Work Mode such as remote work or flexible hours to accommodate personal life demands, particularly for those balancing family or other commitments.
·Offer generous vacation policies and encourage employees to take time off to recharge.