You're struggling to keep skilled employees in a competitive emerging market. How can you make them stay?
In a competitive emerging market, retaining skilled employees can be challenging, but there are effective strategies to make them stay:
What are your go-to strategies for employee retention?
You're struggling to keep skilled employees in a competitive emerging market. How can you make them stay?
In a competitive emerging market, retaining skilled employees can be challenging, but there are effective strategies to make them stay:
What are your go-to strategies for employee retention?
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Global talent or local talent, the rules stay the same. if your pay sucks, your people will leave as soon as they can find a better job. Some companies push to save 70%+ on US salaries when hiring remote talent. They’ll fill the jobs, but they’ll get what they pay for. Others save 30%, and they thrive in the long run. (*Using LatAm salaries as an example here.) It’s still a huge savings — but they get best-of-the-best talent who love working for them, and employee retention is never a problem.
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To retain skilled employees in a competitive market, it's essential to create an environment where they feel valued. Competitive salaries and benefits are foundational, but career growth opportunities are equally important. Offering mentorship, clear advancement paths, and continuous learning can help employees see long-term potential. Cultivating a supportive, inclusive work culture that values work-life balance and recognizes achievements builds loyalty. Additionally, fostering open communication and soliciting feedback shows employees their input matters, enhancing retention.
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In my belief employees work for EARNINGS LEARNING SENSE OF PRIDE AND PURPOSE SENSE OF ACHIEVEMENT Competitive Compensation, Health, Workplace and Working Environment Hygiene remain the foundations and basic needs. The differentiator remains in the LEARNING or Upskiling on the Job, sense of PRIDE and PURPOSE and sense of having ACHIEVED something at the end of it... Organizations rightly assign a lot of value on items mentioned in para 1 above. BUT what matters beyond that is the secret to success in retaining highly skilled employees in a competitive environment...
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Key things I would look at implementing would be Emphasizing Purpose & Impact and strengthen employee value proposition. Embedding purpose and showcasing individual impact in every touchpoint - from communication to development to recognition and strategy - the organization can create a culture of meaning and fulfillment that encourages employees to stay and grow within the company.
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To retain employees in emerging markets, focus on a strong employee value proposition. Offer competitive compensation and benefits aligned with local market standards, including healthcare, housing support, and family assistance. Provide clear career development opportunities through training, mentorship, and growth pathways to help employees see a future within the company. Build strong connections by genuinely understanding employees' needs and aspirations, creating an open dialogue. Implement effective feedback mechanisms to ensure employees feel heard and valued, fostering a culture of recognition and long-term engagement.
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Retaining skilled employees in a competitive emerging market requires a strategic approach: Offer growth opportunities through training, mentorship, and clear career advancement paths to demonstrate long-term value. Foster a strong company culture centered on collaboration, recognition, and purpose, ensuring employees feel a sense of belonging. Provide competitive compensation packages that include not just salary but also meaningful benefits and flexibility. Prioritize engagement by actively listening to feedback, addressing concerns, and celebrating achievements to boost morale. Recognize and reward contributions in impactful ways, showing employees that their work is valued and appreciated.
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I came across many reports and articles point out that prioritize employee professional development is crucial in talent retention. Ensure they gain valuable experiences and skills each year, making them appreciate their growth within the company. While competitive compensation is important, offering support through training, a clear career path, and opportunities to excel is often more impactful. Additionally, understanding their needs and social situations allows you to provide personalized support that aligns with their goals. Also conduct regular check-ins to discuss career aspirations, offer mentorship programs, and create a culture of recognition and appreciation to foster loyalty and engagement.
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To inculcate a retention culture in emerging markets,recognize and reward employees, foster open communication, and provide growth opportunities. Offer a positive work environment, competitive compensation, and benefits to promote employee satisfaction and loyalty.
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To keep talented employees in a competitive emerging market, fairness and transparency in pay are essential. Regularly review market trends to ensure your salaries are competitive and reflect the value your team brings. Make equal pay a priority by addressing any gaps and ensuring everyone is rewarded fairly for their work. Foster an inclusive culture with recognition, work-life balance, and empathetic leadership. Show employees how their work aligns with your mission, and regularly check in to ensure everyone feels valued and supported.
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