Every organization wants to hire the right employee every time. This can only happen when you have a workplace culture that actively attracts the attention of the best candidates. The key to attracting and retaining the best employees is to create a “total compensation approach”. If you take the time to create a total compensation package that includes a flexible and challenging work environment and provides for recognition, empowerment and rewards, the word will get out that your company is a great place to work.
The basic ingredients of your total compensation package should include elements that are both satisfying to an employee and motivating as well. Elements such as benefits, flex-time and training are satisfiers, while bonuses, incentives, challenges and opportunities are motivators. Many business owners think money is a key issue; however, money by itself is not what attracts and retains employees. High performing employees are searching for something more. They want challenges, recognition, empowerment and rewards.
Today’s workforce is looking for flexibility on the job and balance in their life. Your company should evaluate ways to realistically provide this sought after flexibility in work. For example, traditionally employees work in an office with established work hours. Could your company allow for variations, such as a 4-day workweek, working from home a couple of days a week or job sharing? Flexible work hours are becoming a common tool to attract and retain good employees.
Many companies offer competitive pay and are worker-friendly. In today’s job market, employment decisions may come down to the benefits offered by the employer. Health care is one of the biggest concerns for workers today and a good health plan with a family option will entice many workers. Stock options, matching 401k funds, onsite daycare options, and discount programs are other benefits that may increase good employee retention.
Top talent also values training opportunities that allow for personal and professional development. Online and in-person courses effect employment longevity as well as maximize the productivity and quality of your workforce. Offer to pay for training classes or other ways for employees to better themselves. Assign them to project teams where they can contribute their skills and talents to the creation of a new product or service. When employees feel valued their level of commitment and loyalty increases.
Nothing motivates more than positive recognition for one’s achievements and contributions. It reinforces the cultural values and even the purpose of the company. Praise is one of the most overlooked ways for employers to generate employee loyalty; it is also the easiest and most cost-efficient method to create positive recognition. Praise can be given to employees in a number of ways. If you want to thank them privately, you could invite them into your office and privately praise them if they have recently or consistently done an outstanding job. Or, for a more public form of praise, you could commend employees in company newsletters, during staff meetings, or through company emails. To make them feel extra special, you might even decide to reward them with an employee recognition gift such as a personalized trophy or award. Other examples of recognition and reward may include providing a day off with pay, tickets to sports, musical or cultural events, or providing a donation in an employee’s name to the charity of his or her choice. Recognition awards are a very effective way to reinforce the company values. They can be a low-cost, high-impact element of the total compensation package
It doesn’t take a lot of effort to show your employees that they are valued members of your team. Creating an attractive work environment, being transparent, approachable, respectful and supportive creates an environment where the best employees will want to work. Thus establishing your reputation as a good employer allowing you to attract and retain today’s best employees.
This article is designed to provide general information and is not a substitute for legal advice