It’s not enough that you need to worry about how to find great talent. In today’s business environment, you also have to worry about how to keep that talent from walking out the door.
Check out these not-so-fun facts from Jobvite:
- 45% of workers will jump ship for a new job— even if they are happy in their current position
- 50% of employed job seekers view their current positions as only temporary
- Employed job seekers reported searching for new positions during their commute (38%), on the job (30%) and even in the bathroom (18%)
In other words, your employees are looking for work. Maybe even on company time.
And even if they aren’t looking for work, other companies or recruiters could be looking for them. A quick LinkedIn search by industry, company, or experience can provide all kinds of potential job “candidates” who didn’t even think they were on the market.
Wondering how you can protect yourself from a mass employee exodus?
Here are two things that will help you build an organization where people want to work. And stay.
1.) Competitive compensation
Like it or not, compensation is still the number one factor for job seekers when choosing whether or not to accept a new position. Today’s employees don’t just want living wages, they expect them. And if they aren’t receiving them, they’ll move along.
Make sure your wages are in line with your industry, positions, and the cost of living in your area. Do your research on this one. A lot can change in a relatively short time.
No matter how much your employees love you, if they can’t pay the rent, they won’t be able to stay. Make sure your compensation structure is in alignment with the wider business market and the local housing market. Businesses who aren’t offering adequate salaries will be receiving a lot of resignation letters. And companies committed to offering attractive compensation packages will see an influx of incoming talent.
2.) Kickin’ culture
So we just said that money was a primary factor involved in employee decision making. But it’s a little more complicated than that. Yes, wages are a big part of the picture, but more and more, employees are looking for things you can’t put a price on. Health. Flexibility. Balance. Opportunity. Acceptance.
High salaries will get talented people in your door, but if they’re not happy once they’re there, you might as well install a revolving one.
Are you giving employees what they need to be healthy and productive team members? Here are some key things they value.
Health – What kind of health plan do you provide? Is it a bare bones, high deductible number so complicated even a rocket scientist couldn’t figure it out? If so, it’s not going to do much for longevity. Work with your benefits consultant to come up with a plan that offers maximum coverage for minimal cost. Don’t be afraid to get creative. Sometimes the best solutions are ones you haven’t heard yet.
Flexibility – Gone are the days when Mr. Cleaver went to work and Mrs. Cleaver tended to the house, kids, and everything else. We’ve got news for you. Life doesn’t stop between 8 and 5. Employees have kids, parents, pets, and many other things to take care of. Offering flexible schedules and remote work options can help employees take care of business while they take care of life.
Balance – Despite the glorification of the 24 hour hustle, most people don’t want to sleep when they’re dead. They want to sleep tonight. And tomorrow night. And the night after that. A high-strung, stressed-out, overworked team may deliver results in the short-term, but not in the long run. Keep workloads and staffing levels manageable. Offer paid time off that allows for vacation, sick time, and personal days.
Acceptance – No one wants to feel like they can’t be who they are. And yet so many workplaces have rules or cultures that keep employees from bringing their whole selves to work. Whether it’s rigid appearance standards or a culture that’s rife with harassment and discrimination, these things will chase away good talent at lightning speed. Don’t just have an EEO policy… Live it. Better yet, celebrate it.
Opportunity – Do you offer employee education, development, and career paths? Your best talent isn’t interested in staying stagnant. They want new challenges, new skills, and new responsibilities. If you want to keep these people around, you need to help them grow with the company, not out of it.
The happiest, most loyal employees feel valued, appreciated, and taken care of. If you want to win the talent war, design your compensation and culture in a way that leaves no room for doubt.
Recruiting and retaining employees is easier when you can proudly offer a comprehensive benefits plan that makes your team members feel as valuable as they are. At Sonus Benefits, we build cost effective, long-lasting employee benefits strategies to keep your business and your employees in optimum health.