Finding the right employees — and keeping them — is an ongoing challenge for many companies. Not only is today’s job market competitive but there is a shift in workforce values. While salary is important, other factors such as flexibility and opportunities for career mentorship and growth are becoming equally important. Additionally, many employees are feeling overworked and unmotivated, leading to burnout. Those who leave companies are taking some time for themselves to reset and focus on their well-being before getting back into the working world.
And once you make a hire, there is no guarantee that they will be happy and stay for a long time. The rise of remote work has made it even easier for those who feel disconnected or disengaged to quit out of the blue. Still, hiring teams and human resource departments shouldn’t give up complete hope. Here are three ways to attract and retain top talent while also keeping your bottom line in check.
1. Provide a Comprehensive Benefits Package
A strong benefits package will help you stand out from other competitors. You’ll find that you’re attracting top talent and retaining employees if you invest in their physical and mental health. A comprehensive benefits package shows that you’re caring for workers’ needs outside of work and their familys’ needs as well. Your team may be more engaged and more satisfied with their job knowing that their employer is looking out for them.
All that said, make sure you’re offering what matters most to your employees. If your team is largely made up of Gen X, then student loan assistance and professional development may be a top priority. However, if you have a diverse team of ages ranging from early 20s to late 50s, then wellness programs and retirement plans may be top of mind. If you’re unsure of what to offer or how to unlock the best package for your small business, then you may want to enlist some outside help.
A PEO, or professional employer organization, can help you find better medical, dental, and vision coverage for your employees at more affordable rates. In a PEO model, small businesses are typically pooled together, which means you’ll have access to better buying power that is typically only for corporations. Additionally, many can also assist in additional perks such as 401(k) plans, mental health support, family planning, and more. These benefits are like the cherry on top of your already attractive plan, meaning current and future employees will be more than satisfied.
2. Create an Excellent Onboarding Experience
Onboarding sets the tone. How a new employee feels during their first day and initial weeks at the company will shape how they feel about their employer overall. If an individual feels pushed aside or left to fend for themselves, then you’re giving them the perfect opportunity to leave. However, if you welcome them and continue to invest in their introduction to your company, then you’re giving them all the tools they will need to succeed.
Onboarding has changed drastically from just a few years ago. Thanks to technology and remote work, you may not even physically see a new employee. In these instances, it’s even more important to have an onboarding process that puts the new hire first and ensures they are having the best experience possible. This may look like creating a checklist of individuals they should set up times with to meet via Zoom or Microsoft Teams. These can be people on their team as well as individuals they may need to collaborate with regularly.
Even if you are seeing a new hire in person, it can be advantageous to have a mentorship program established. This can look like pairing a new employee with someone on a different team who has been with the company for some time. This gives new hires the chance to ask questions they may not feel the most comfortable asking HR or even their boss. It’s also a chance for them to form a friendship or work-based relationship.
3. Recognize Employees Often
Employees want to feel valued for their work and know that the work they are doing each day is meaningful. While you may assume that a good salary and a great benefits package is enough, other companies are giving their employees the same thing. An employee who feels underappreciated may unexpectedly leave if a competitor poaches them with a similar offer.
To keep this from happening, it’s important to place value in recognition. Having an employee recognition program can engage team members and entice new ones to join your company as well. This program can start with congratulating employees who are celebrating work anniversaries, however it shouldn’t stop there. The program should be an incentive for individuals to work harder for their efforts to be recognized.
You can onboard an employee recognition platform so managers as well as teammates can nominate individuals who they think are doing an exceptional job. Some of these platforms may have a points-based system, unlocking different rewards at various tiers. Others may shout out employees on a digital software system, providing company-wide recognition 24/7.
Takeaways
No matter what industry you’re in, your company is different from any other company out there. The makeup of your team is unparalleled and is something that you should heavily prioritize to stay competitive. Focusing on your current employees’ needs and wants will prove to be beneficial in terms of recruiting new team members to join your organization.