Your company’s top talent is not always looking for a high salary. In fact, it’s not enough to retain an ambitious employee who wants to learn, grow, and feel valued.

The ability of a company to retain its top people that were selected through centralized hiring, particularly in tight employment markets, has significant implications for its ability to function. If you’re on a tight budget because of the pandemic or any other reason, and you want to ensure your workforce is happy and satisfied, here are some secrets to retain them (without a raise):

1: Give Them Feedback and Recognize Their Progress

Consistent appreciation can come a long way in retaining good employees. Your top talent isn’t just expecting you to recognize their efforts and receive praises from you, they also seek constructive criticism. They want to be guided in the right direction. Show your employees that you are aware of where they started and where they are headed.

2: Offer Work Flexibility

Every employee desires work flexibility. Flexibility in the job, especially in today’s world, is a critical factor.

Every employee wants to spend some quality time with their family at some point, but due to heavy work responsibilities, they fail to give their families time. Be one of these organizations that offer flexible work shits, WFH opportunities, and family day-offs to employees so they can achieve work-life balance and attend to their loved ones.

3: Don’t Micromanage or Give Orders

A big turn-off for an employee is a boss who gives orders and micromanages. It’s understandable that as an employer, it’s your duty to bring the best out of your workforce, but being overly critical and checking up on them every minute never helps. The millennial workforce that’s slowly dominating all industries want personal space and trust when it comes to working. They would like their boss to hear their ideas and even challenge the company’s current status quo. You will simply encourage them to quit and start their own hustle.

4: Set Rewards

Occasional awards and fun-filled events can often provide an employee more delight than an increase in salary. Try your hand at a variety of events, such as employee of the month, to keep the excitement going without having to boost the stakes.

The prize can take any shape, such as gift certificates or free dinner cards to a discounted meal at their favorite restaurant. These incentives, which will allow the employee to spend more quality time with their family, will always be viewed as positive feedback and will make the employee happy.

5: Offer Free Training and Courses

Ambitious employees always value training and courses because skill development and growth are important to them.

A workplace is a location where you can learn a variety of skills that aren’t taught anywhere else, like time management, and teamwork. Be one of those organizations that offer free training programs and learning courses to help employees become more capable. courses not only raise the general standard of your company, but they also motivate employees to participate since it’s FREE training!

6: Encourage Regular Breaks

Don’t be one of those bosses who makes their employees sit for continuous 8 hours. You can’t force them to be productive by making them sit.

Working hard and getting the job done is important, but so is taking time to relax. Employees will be more productive and return to work with a focused mindset if they are allowed to take a break. So let them wander for 10 minutes or so. It’s best for everyone.

7: Update Them About the Company’s Progress

Since employees are devoting their precious time and effort to contribute towards the company’s success, they have the right to know about the company’s affairs.  Keep your team informed on all the organization’s recent management matters.

Transparency can create a great mood and make the employee feel valued. An employee must believe that his or her workplace is a second home. And once you are successful in making them believe this, retaining them will be a piece of cake!

8: Give Them a Say in Important Decisions

When employees are given the opportunity to participate in the decision-making process, they get a sense of being in charge of a significant task and thus become more engaged in their work. As a result, your staff will feel more responsible and they will consider working on their flaws while at work.

Employees feel rewarded for providing useful inputs and seeing a direct profit from their efforts if they use this application as a self-motivating tool.

9: Organize Social Activities Outside of Work

To really make your employees feel like you’re family, arrange social activities for them. Keep the invitation open to bring their partner and kids. Plan out social gatherings once a month or games so that your team opens and gets to know each other. This will help them build relationships with their coworkers and might as well form new friendships.

10: Trust Them with More Responsibility

Delegating new tasks or projects to employees, even the slackers. Ask for their feedback on corporate concerns or suggestions. This will motivate them to perform well.