Hiring and retaining good talent is a challenge that goes across all disciplines and levels within an organization. While it takes a team effort to keep employee turnover low there are some positions more crucial than others. CEOs, founders and the executive team should work with the Human Resource department to establish a clear strategy and message on how to increase employee retention and attract top talent.
Finding good talent is only the first step -- now you have to make sure that they stay motivated and help your company grow.
Offering high salary rates is just one way of attracting and retaining the best people - but this will not hold them for long if the company culture and work environment itself is toxic or is greatly lacking in growth and diversity.
Aside from good compensation, creating a healthy and balanced work environment is a key combination to ensure that the best ones will work and stay with the company on a long-term basis. This can be done through several ways, such as:
Nowadays, the young generation of professionals (also known as millennials) value a good work-life balance, and this includes the notion of getting to work from home or ‘work from anywhere’. Many companies are now adopting a system of telecommuting since this also has several benefits for the company, such as lesser office space expenses and maintenance/utility costs.
If you think the company cannot accommodate pure telecommuting as of the moment, you can offer work flexibility in different ways - such as scheduling a work-from-home day just twice a month or once a week. You may also offer work-from-home options for solo parents and new parents.
A good work-life balance also means that employees get to live a healthier and worry-free life. Companies that offer health and dental insurances in its compensation package is an indication that the management cares about the employee’s health and wellness. More than that, this means that the company is willing to help their employees save on medical expenses with an affordable health insurance at their side, especially because this can also cover family members or dependents. Annual medical check-ups, eyecare, and even free maternal check-ups (for pregnant employees) can also be given as alternatives.
Sooner or later, employees (even the young ones) would eventually look to buy a house, car or furniture that would be hard to purchase via upfront cash. Companies that offer loan assistance will have an advantage because potential employees would at least see it as an opportunity to make big purchases without going through the hassle of applying for bank loans or payday loans from third-parties. This will also attract professionals who may need tuition assistance for their kids.
Free coffee, juices and biscuits at the office are also great ways to attract the best employees. Snacks and drinks, especially coffee, can help employees boost their energy and productivity at work. Free snacks at the office would also mean that employees can save on their daily expenses (especially if they are trying to save money).
Again, a healthy lifestyle is part of the coveted work-life balance by many young professionals today. Free gym memberships and yoga class sessions are an attractive benefit because employees can get to focus on health and wellness without spending much. If the company cannot afford gym memberships, discounted packages would be a good alternative. Yoga and meditation classes are also cheaper. You can also add team building activities under this.
Some of the benefits above may prove to be costly for some companies (especially startups), though work flexibility can be possibly given. Others like health insurances and loan assistance might need more funding - but there’s no need to rush. If your company cannot afford it yet, you can come up with more creative and practical benefits. You can either add a monthly allowance (in addition to the salary), or give performance-based incentives, offer free childcare, or set-up a playroom in the office.
Retirement benefits can also attract good employees for the long-term, but then again, this is costly for small to medium-sized companies. Alternatives however, can still be offered, such as tuition assistance/discounts for those who are seeking to enroll in higher studies (like a Masteral or Doctorate) or enroll them in leadership/mentorship classes.
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