We hope this newsletter finds Spring blooming in your favor!
This month we are talking about employee retention. Small Businesses lose tens of thousands of dollars every year when they recruit, on-board and train a new hire that ultimately leaves in 12 – 18 months. The Wynhurst Group cites that it costs an employer 1.5 – 3 times the employee’s salary when they leave in their first year.
In this month’s newsletter, we are going to share the top three things employees want from their employers. These are insightful, affordable and easy to implement strategies that attract and retain talent. Our strong recommendation is to be sure to consistently educate your employees, so they know what’s available to them, so they’ll never want to leave. Well, almost never! (Our lawyers told us to tell you we can’t make guarantees, just saying.)
Without further ado, here are the three most important things employees want! So give it to them already.
1. Professional Development Opportunities
I had the pleasure of speaking on a panel at the NAWBO DFW’s Annual Women’s Forum. My co-host was Jolene Risch, of Risch Results, a woman-owned recruiting firm. We learned from her that professional development was one of the top three things job-seekers (and employees) want from their employers. She shared that employees want to know that they have room to grow and develop within their company.
Be sure to highlight professional development opportunities, such as workshops or training programs, that your company offers.
Creative Idea: Offer a monthly or quarterly Amazon Gift Card to your employees so they can buy a book of their choice!
2. Flexible Work Arrangements
Many employees are seeking extremely flexible work arrangements and time off policies, such as remote work options or flexible schedules. Highlight your company’s vacation, sick leave, and personal time policies. Be sure to emphasize any unique or generous aspects of these policies.
A. Implement a “No Ask, No Tell” PTO policy. Sometimes, people don’t want to really say why they have to take off.
B. Implement “Mental Health Days.” When someone just needs a break, let them have it!
3. Comprehensive Employee Benefits
Well, this is a no-brainer! And I’m sure you knew this.
What we want to emphasize is offering a full employee benefits package is much more affordable and easier than most think. If you’re not happy with what you’re offering right now as employee benefits, we may be able to help. You can start offering non-medical benefits, i.e. dental, vision, short-term disability, life, and tele-medicine. If you’re already offering group medical but you’re not getting participation, you can enhance your benefits package with non-medical plans.
There are game-changers and options. Let’s discuss! Click here to contact us.
If you missed our webinar on Money Talk – How To Build A Transparent Compensation Model lead by Jessica Winder Here’s the replay.
If you’d like more creative ideas for benefits and perks, click here for a complimentary list.
CEO and President
We Make Benefits Fun!
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