Series: Talent Retention in 2016, Article 3 (Q Works Group)
The past two articles in this series have addressed the concept of Employer Branding and the influence of your company’s image on potential employees. In today’s market, good talent knows they have options available, so efforts to increase retention are more important than ever. In this article we will take a look at what today’s employees need to feel appreciated and what matters most to them when choosing to remain long-term at their current company.
It’s nothing new to recognize the importance of a good benefits package, although current economic conditions can make it hard for many employers to offer much in this area. That being said, this still ranks at the top as one of the most important factors in employee satisfaction. So although times may be changing, it remains of utmost importance that employers continue to provide benefits. Of course there are a wide range of offerings, but they generally include some or all of the following:
- Insurances (health, dental, life etc.)
- Retirement Savings plan
- Flex Spending plan
- Vacation time (or PTO)
- Paid Leave
In addition to traditional benefits, it is important to consider more non-conventional job perks, especially when attempting to retain the dynamic Millennials who are notorious for “job hopping.” In a recent article called 21 Employee Perks That Attract the Best Talent, Brock Blake highlighted the following as some of the most desirable options, noting that not all should or even could be implemented into every business.
- On-site childcare
- Game table (think ping-pong or pool)
- Profit Sharing
- Gym membership
- On-site spa services
- After-work company sport teams or clubs (think hiking, board games etc.)
- Free food/ drinks
- Tuition reimbursement or school debt contribution
Falling somewhere between your father’s benefits package and a mid-afternoon game of ping pong, you will find additional work options which are becoming increasingly popular methods to improve job satisfaction and work-life balance. These include the remote access / work-from-home platform and the concept of flex-time. Both offer employees the benefit of not having to be present in the physical office from 8 – 5, Monday – Friday. Employers, who can offer this opportunity, show that they understand the demands and constraints of the times and are willing to make every effort to retain good talent.
Of course everyone wants to be compensated for their worth and it is easy to crush employee morale by neglecting to show appreciation in this way. Whether your company employs hourly workers, salaried or commission based employees, it is of crucial importance to review and reward accordingly. There has been discussion in recent years on the concept of the traditional performance review. Whether you maintain using this format or any other type of assessment, the bottom line is that you show your staff that their contribution is being evaluated. As a result, if appropriate, give them a raise or acknowledge their efforts in other tangible ways.
Company benefits, perks and compensation are what drive satisfied employees to remain loyal and put forth greater efforts for your company. It is up to employers to devise the appropriate strategies to show appreciation and fight to increase retention in this fluid employment landscape.
Written by: Angie Barnes, Q Works Group Marketing Coordinator