Organizations in Aruba are facing challenges in attracting and retaining critical skills and high-performing employees. It is becoming more crucial than ever for employers to recruit and keep the right employees. There are a number of factors that influence an organizations ability to attract and retain employees.
Establishing a competitive base salary
A key component in attracting talent are wages and an employee’s decision to stay or leave is often based on base pay. Therefore, it is important to have a good understanding of market indicators when it comes to pay. However, there is a variation of salaries in the market based on education and occupation. Based on our expertise within the local market, we have compiled the following graphs. In this graph we distinguish Bachelor’s/HBO level positions (with focus on policy making and support) and Associate’s/MBO level positions (focused on administrative execution).
NB: These indicators are based on actual wages for jobs requiring 3 years of experience, within local companies but excluding state-owned companies.
For more information on this topic and specific data within your industry, please do not hesitate to contact us.
An ideal compensation & benefits system is designed to motivate and retain your best performers -who are so crucial to keep your competitive edge- while at the same time should give a signal to the weaker performers to improve. ADVANCE can help you develop compensation, benefits and incentive systems that are both competitive in the market and within the long term financial reach of your business. Where necessary we will help you with the right contacts to give you the best financial advice on your benefits plans, while we can help you give such a plan a kick start during presentation meetings with your management and employees.
Clear opportunities for professional development and career advancement are powerful employee attractors. When an employee’s career path is clear, (s)he tends to be more motivated as there is a tangible goal to work towards. It is therefore advisable for organizations to develop a structured career advancement plan. Some essential components of such a plan are:
- expanding specific professional/technical skills sets;
- giving additional responsibilities that may lead to a change of their roles;
- acknowledging and rewarding special accomplishments;
- involving in planning, monitoring and evaluating of selected business processes;
- participating in supervisory or management training classes;
- participating in cross-departmental, multi-disciplinary meetings.
A challenging work environment gives employees opportunities to show initiative, creativity, skills and flexibility. New employees want to prove themselves and be held accountable, while counting on a supervisor/manager for support and advice. Challenging elements and (analytical) variety are important to counterbalance the otherwise routine character of work. Talented employees want to set challenging goals for themselves as the sense of achievement will be greater. They need to recognize themselves in the end result. At the same time supervisors and managers should provide encouragement and coaching to bring out their full potential.
To attract and retain exceptional employees, your organization needs to consider differentiating from the competition in terms of benefits. Many younger employees are interested in secondary and/or tertiary benefits that fit their individual circumstances. The ‘collective’ benefits with the same regulations for everyone is not attractive anymore. New employees will feel more at home in companies that show flexibility when it comes to the benefits package. It is important to know:
- what the market and competitors are offering;
- how happy your current employees are with these benefits;
- if you are just following the market or you are offering something unique?
- what are the (demographic) characteristics of employees you are trying to attract
- the do’s and don’ts of the various benefits packages. For example, there are still many company pension funds with systems that do not cater to the needs of the new generation workers;
Different attraction drivers mean different things per employee/job seeker. It is therefore important to have a good understanding of the characteristics of the market you want to reach as well as develop tailored job and career profiles.
What employees seek in their work experience is a blend of tangible and intangible elements that together create an environment of stimulation, contribution, recognition, development, learning and support!
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