Salary is not enough to attract and retain the best

Abstract

Organizations face the challenge of attracting and retaining talented staff. In some instances, a reference to the existence of a war for talent is made. It is that way that the retention of workers has stopped being managed, exclusively, with the offer of good salaries. This paper explores, in a first instance, the theoretical framework that describes the principal tools of talent retention that companies develop, and that are considered as part of the total remuneration that workers receive: economic compensations, recognition, career plans and staff development, feedback, personal and professional life balance, social network and team making, proper relationship with superiors and organizational climate life. Later, the results that were obtained from interviews with ten of the best companies to work for in Peru, according to the Great Place to Work Institute ranking in 2007, on retaining talent tools that they implement are shown. Finally, conclusions on the case studies are presented.