BOSTON, Oct 12 (Reuters) - Managers needing to attract or retain the best talent at a time of tight budgets need to look beyond the payroll, since for many workers non-monetary rewards like flex-time hold a lot of a appeal, says Harvard Business Review.
The Management Tip of the Day offers quick, practical management tips and ideas from Harvard Business Review and HBR.org (). Any opinions expressed are not endorsed by Reuters.
"Many managers worry about how to retain top talent without breaking the bank. The good news is that even with the most sought after A-players, research shows non-monetary rewards can be more appealing than high salaries.
Here are three things you can provide that often rank equal to or higher than compensation:
1. Flex time. Offer employees flexible arrangements, such as remote work options, staggered hours, or condensed workweeks.
2. Recognition. The best people want to feel appreciated for their hard work. Whether in a private email or a public venue, acknowledge your peoples' good work.
3. A culture that values results, not face time. Set the example: Take time out during the day to go to the gym or see your child's play, and encourage employees to do the same."
- Today's management tip was adapted from "The Guide to Persuasive Presentations."
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