How to Keep Your Top Talent: Insights from 2018/19 PNG Salary Survey

How to Keep Your Top Talent: Insights from PNG 2018/19 Salary Survey

Over the past few months, the Peopleconnexion team have been working on a massive project ? our 2018/19 PNG Salary Survey.

Since we opened our Port Moresby office four years ago, we have been continually asked for guidance around remuneration benchmarking and packages.

Last year, we set out to find out exactly what those benchmarks look like.

Our team originally set out to provide reliable benchmarks and find out exactly what ?normal? looks like across sectors, locations, levels of seniority and packaging options. What we’ve found is so much more.

Thousands of professionals have weighed in on the survey, providing us valuable insights into their career motivators and professional development needs.

Here’s a sneak peek into one of the insights from the final salary survey report (and what they mean for your organisation’s retention strategies):

Career development outranks better remuneration to candidates switching jobs

We asked professionals: ?IF you were to consider a move, what would be your motivation??

Career development was ranked #1 by almost 35% of respondents, consistently outranking better remuneration. 

What does this mean for retention?

For 35% of PNG’s professionals, the reality is that remuneration isn’t likely to keep them in a position if they feel there is no chance of career development in their current role.

PNG’s professionals aren’t alone – the link between offering career development opportunities and retaining talent has been studied for decades.

Research consistently shows that employees who are at a high risk of leaving are less engaged and feel undervalued by their company. On the other side of the coin, Gallup research found that ?engaged and thriving? employees are 59% less likely to leave

Retaining talent is a complex issue with many facets, yet there are some obvious starting points that organisations can address to impact this and reduce turnover of their top talent.

How can we retain talent?

1. World Class training programs

One of the opportunities to help develop individuals is to expose them to world class training programs. When organisations invest in their staff, employees can feel it. They are developing their skills in an environment where they can directly apply them ? they know they?re not just a number or another cog in a wheel. This kind of clear investment in individuals has an incredibly positive impact on retention.

2. Coaching and mentoring programs

Coaching and mentoring programs are invaluable in helping employees improve, and increasing their engagement at work. By creating a culture of coaching, individuals are then empowered to drive coaching and mentoring relationships themselves. This further benefits the organisation as you are able to leverage internal employee resources to develop others. Talented people are then exposed to insights and awareness that help them build their own capability and their levels of engagement.

3. Job shadowing and lateral moves

Create a career path inventory with the organisation’s employees. The ultimate exposure organisations can offer is to second top talent out of PNG for short job shadowing opportunities. This is not always possible, but when it is viable, it serves as a massive aspirational hook. Job shadowing or lateral moves are another method organisations can use to show individuals that support structures are available to facilitate internal career moves and development.

4. Self-ownership of career development

Educating individuals that they own their careers and not the employer is key. Employees need to know that they take personal responsibility for their own career development and educate themselves on what the organisational structure is, what the formal development opportunities are and how to navigate these.

Most organisations spend time developing Personal Development Plans, but often these are not actively driven by the individual. The organisation can further support the employee by providing individuals with regular feedback and helping them understand what is required in order to climb the career ladder.

 

Let’s face it, retention of talent is complex and there are a multitude of reasons that individuals leave organisations.

By creating an environment where an individual is able to develop their career, build their skills and gain exposure to best practice, organisations can help individuals develop their careers within the organisation, rather than outside of it.

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