61% of Businesses Will Be Out To Hire Your Top Talent - How To Retain Your Employees

In today’s job market, it can be hard to attract and retain your best employees. It will only get worse in 2018, with 61%* of businesses looking to hire more than they did in 2017. If it’s been a while since you were job searching yourself, you may not know what attracts the best employees to companies anymore. Do they want higher pay? Do they want the best 401k match? Here are 3 simple things companies of all size can do to attract the best employees:

Competitive Pay

This seems like a no brainer, however when was the last time you did market research to see if the pay rates have changed at all? I recommend doing market research every six months to a year (more often if you are constantly hiring) to make sure you are still offering a competitive rate.

Pay rates can change drastically in the matter of months. Between the high cost of living and the low unemployment rate, competitive pay might be higher than you think.

Benefits

If you can’t offer the highest pay, then you better shine in the benefits department. And I’m not talking about matching 5% on a 401k. It’s all about the lifestyle your employees live. Some benefits companies offer are: bringing your pet to work, unlimited sick time, free child care (or child care at the office), paid paternity leave, half day Friday’s, 6 hour work days, free gym membership, tuition reimbursement.

A lot of these benefits have been proven to be very effective in hiring and retaining the best employees. These benefits may seem like they will cost you more money, but in the long run if your employees are happy they may be more productive.

Work Flexibility

This one can kind of go along with benefits but I believe it important enough that it deserves its own category. 61.1%** of married couples with children have both parents employed. Work flexibility can greatly help those working parents who are also raising the future of our country. If you can’t offer your employees free day care, let them work flexible hours so they can care for their children or let them work from home.

One option is to let them come in later and stay later while their spouse works earlier in the day at their job. Also, some people are more productive workers from noon to 8:00PM instead of 9:00AM to 5:00PM. As your business allows, let your employees set their schedules and trust them to get the work done.

 

With 61% of companies hiring more in 2018, keeping your employees happy should be your #1 priority or it will cost your company thousands of dollars. With the right competitive pay, benefits and work flexibility, you will be able to retain your best talent and recruit great talent in the year to come.

For help with your employee retention plan, set up a free 30 minute consultation with us today.

 

*Indeed.com survey

** Bureau of Labor Statistics