Improving Job Market Means Employees Have Options
Don’t let your top talent get poached
Posted on 07-18-2019, Read Time: Min
Share:
As the job market improves, so too does employers’ risk of losing employees. It is estimated that around 60 percent of employees are either actively or passively searching for a new job, or they are being approached by other companies who want to ‘poach’ them for their own team.
Losing an employee is a serious financial blow. It will cost you about 6-9 months of salary to replace a salaried employee, and this does not even include the soft-dollar cost of lost knowledge. This includes technical and institutional knowledge as well as lost productivity as other employees have to pick up the missing employee’s slack, which can in turn cause lower morale, lower employee engagement and other financial concerns.
Employers would well to remember the three Es (economics, employee engagement and environment) when it comes to attracting and retaining top talent.
From an economic standpoint, you need to think not only in terms of salary and health insurance, but also a total compensation package. There are many benefits which today’s employees are looking for, including whether you match a 401k, what is the value of the paid time off offered, along with medical, dental, vision and life insurance.
Many companies are also now thinking outside the box when it comes to offering benefits to employees. We work with firms which offer pet insurance. Which might sound funny, but it is actually a major item of interest for interested applicants. Most Americans have pets and consider them part of their family, so offering insurance for these critters can go a long way in showing that you are a compassionate and concerned employer.
Companies should also consider offering tuition reimbursement plans, or paying a small amount each month towards the employees’ student loans. Today’s young people are coming out of college with massive debt. And firms which are dedicated to paying off these loans alongside their team will be a top contender.
Environment also plays a key role in helping employees choose which company to join.
Workers want to feel like they are joining a team, a team which is excited and eager about their arrival. That is why on-boarding is so important, meaning that the new employee is guided not just throughout their first day, but really throughout their first year at the company.
Company-wide activities like pizza parties or charitable efforts can help to boost morale and create a feeling of family amongst co-workers.
Taking a half day each year to go volunteer at a soup kitchen is a small and inexpensive way for employers to improve their community and their company.
Losing an employee is a serious financial blow. It will cost you about 6-9 months of salary to replace a salaried employee, and this does not even include the soft-dollar cost of lost knowledge. This includes technical and institutional knowledge as well as lost productivity as other employees have to pick up the missing employee’s slack, which can in turn cause lower morale, lower employee engagement and other financial concerns.
Employers would well to remember the three Es (economics, employee engagement and environment) when it comes to attracting and retaining top talent.
From an economic standpoint, you need to think not only in terms of salary and health insurance, but also a total compensation package. There are many benefits which today’s employees are looking for, including whether you match a 401k, what is the value of the paid time off offered, along with medical, dental, vision and life insurance.
Many companies are also now thinking outside the box when it comes to offering benefits to employees. We work with firms which offer pet insurance. Which might sound funny, but it is actually a major item of interest for interested applicants. Most Americans have pets and consider them part of their family, so offering insurance for these critters can go a long way in showing that you are a compassionate and concerned employer.
Companies should also consider offering tuition reimbursement plans, or paying a small amount each month towards the employees’ student loans. Today’s young people are coming out of college with massive debt. And firms which are dedicated to paying off these loans alongside their team will be a top contender.
Environment also plays a key role in helping employees choose which company to join.
Workers want to feel like they are joining a team, a team which is excited and eager about their arrival. That is why on-boarding is so important, meaning that the new employee is guided not just throughout their first day, but really throughout their first year at the company.
Company-wide activities like pizza parties or charitable efforts can help to boost morale and create a feeling of family amongst co-workers.
Taking a half day each year to go volunteer at a soup kitchen is a small and inexpensive way for employers to improve their community and their company.
Author Bio
| Rob Wilson is President of Employco USA. Visit www.employco.com Connect Rob Wilson |
Error: No such template "/CustomCode/topleader/category"!
