With the landscape of employees in America more uncertain than before, increased attention should be placed on retaining your best people. Here’s how.
Statistics by the US Bureau of Labor Statistics show that the American job market is on a bounce-back after the Coronavirus decline. So once more, good help is difficult to find as businesses and organizations, both small and large, continue to fight for top talent.
If you thought all you needed to offer to attract the top talent in any industry is a good salary and a few perks, you probably found it isn’t working.
The job market is getting stronger, and employees, more than ever, are choosing companies with competitive pay, real opportunities for advancement, and excellent corporate cultures. Giving your employees what the competition does not is a strategic way to get noticed and keep the best workers on your team.
You must never wait until the exit interview to find out why you lose your best workers. So here are a few of the top ways to recruit and retain the best talent today.
The Big 3 Bare Minimum Benefits: Health Insurance, Paid Time Off, and Retirement Savings
The cost of healthcare is at an all-time high, and it continues to rise. At a minimum, companies should offer employees peace of mind—workers who know that their health and their families are covered. Research published by the Society of Human Resource Management (SHRM) shows that as many as 92% of workers base their job satisfaction on the employer’s health benefits and various perks.
Health insurance coverage, paid time off, and opportunities to save for retirement are the core benefits employees expect. Unfortunately, many small and new business owners mistakenly believe that a good salary is all they need to keep their staff from jumping ship. The truth is, the penny-wise philosophy can lead to a higher turnover of workers, ultimately hurting the company’s bottom line.
It is wise to assume that every employer offers a good salary package and the three must-have benefits. To outdo the competition, you must provide a little more. A disability insurance, mental health cover, time off to perform community, and dental or vision plans will make your offer most attractive to top-flight candidates. When employees believe their benefit needs are met, they will be dedicated to their work, and their productivity will also be higher.
Be Flexible with Career Advancement Programs
A business needs to invest in its workforce. Investing in your employees will make them feel confident about their future in your company and will worry less about job security.
There is a big challenge when it comes to investing in the future of your staff, though. First off, many companies have different generations of workers in their workforce. When your business has a mixture of baby boomers, millennials, and gen-z workers, their benefits and expectations vary significantly. Therefore, leaders must incorporate a variety of career advancement and personal development opportunities into their corporate policy.
There are many ways a company can invest in the careers of its staff without worrying about losing them. The most notable is implementing a personalized mentoring partnership by pairing upcoming talent with seasoned mentors within or outside the company. Another is to invest in career counseling and development programs that work directly with the staff.
Rewards and Recognitions Go a Long Way
A recent study by Tiny Pulse showed that as many as 79% of employees in the workforce feel undervalued, primarily because they are rarely ever recognized for their work. The truth is that stroking your workers’ egos is a sure way to keep them happy and engaged. Simple recognition programs may demand effort and time, but they will go a long way to elevate the name of your business in the job market as well.
Paying top-dollar in salaries and offering the best benefits is not all it takes to attract and retain talent. A good employer must also recognize employees’ efforts and appreciate them when they provide positive contributions.
Rewards and recognitions do not need to be lumps of cash or expensive gifts; the thought counts. If you run a small business, personalized cards, a simple recognition email, a verbal congratulations may be all it takes to elevate an employee’s spirits. When employees feel appreciated, even when they leave the company for different reasons, they are more likely to positively review the employer on career websites such as Glassdoor and improve their prospects.
Develop an Employee-Centric Corporate Culture
Workers today are ‘woke’ and value work-life balance above the employer’s mission and vision. Since employee retention begins at recruitment, it is vital to clarify that the business values its workers. Unfortunately, many employers today make the mistake of focusing on satisfying investors and customers at the expense of the workers.
Employees will appreciate it when the employer offers flexible work schedules, work-from-home opportunities, merited promotions, and on-the-job training. The most talented workers know their value extends beyond the office and want to be a part of the corporate culture.
There are many ways to help staff feel connected and encourage a culture that places them right in the company’s center. Regular team-building activities outside the office, staff support programs, and referral incentives are sure to encourage staff to be a part of the company and not just workers.
While you invest in recruiting and retaining the best talent, it is also realistic to be prepared for a potential turnover. Sometimes it is inevitable that a star employee gets an offer they cannot refuse, or a misfortune costs you your best workers. In such an eventuality, it pays to have creative benefits incorporated in your business’s hiring strategies.