Employers need to offer what is of top importance to employees: money, benefits, recognition and flexibility.
Therefore, employers must get creative when it comes to recruiting and retaining top-notch talent. “Many employers bolster their employment compensation packages with other incentive-based offerings,” said Rob Higginbotham, Finance and HR director at JRG Advisors.
After a conversation with Higginbotham, PTC learned that without question, the top priority for any employee continues to be salary. And the dollar amount alone implies the value an employer places on the employee. Salary negotiations are a significant component of the procuring of quality candidates and ultimately retaining quality employees.
Employers must pay top-of-scale for the best and brightest, and give no reason for these employees to polish up their resumes. Pay attention to the compensation standards in your industry and region. Know what your competitors are paying. And by all means, do not hesitate to proactively talk about compensation with your workforce on a regular basis. Transparency and clarity around compensation, and what can be done to earn more and to grow the company profits, are valued by informed and engaged employees.
A well-rounded benefits program fosters healthy and productive employees. It bolsters employee morale and demonstrates that you care about your employees’ health, wellbeing and future potential.
“In addition to competitive income, providing access to a benefits package that meets the needs of your employees is an investment that pays dividends,” said Higginbotham. Health insurance ranks as a primary concern for employees. But many other kinds of perks go a long way to strengthening the overall compensation package. Consider including short- and long-term disability insurance, life insurance, dental, vision and voluntary benefits like critical illness, cancer riders and tuition savings and reimbursement plans. Sponsoring a retirement savings plan with an employer match and/or profit-sharing component can separate your company from the competition.
A well-rounded benefits program fosters healthy and productive employees. It bolsters employee morale and demonstrates that you care about your employees’ health, wellbeing and future potential.
Your employees’ work-life balance is a crucial factor when it comes to deciding on accepting a new job or to leave a current job. Plain and simple, overworked employees develop resentment and that can lead to burn out. There are only so many hours in a day. The more time an employer demands, the less quality time an employee has to spend with family or to pursue interests that are critical to his or her wellbeing.
The balancing act for employers is enabling employees to have lives outside of the workplace, while ensuring that the job gets done. More companies are beginning to offer flex-time schedules, job sharing and unique paid time off plans to help employees achieve the proper work-life balance.
Employees also need to know the opportunities for advancement within a company. This increases the likelihood of loyalty and dedication. If an employee feels stagnant, bored, overlooked or under appreciated in their position, chances are they will actively seek a job opportunity elsewhere. Provide on-going training programs and help employees to further develop their skills. Senior management can motivate employees with open dialogue, a chance to work on a new project and constructive feedback, too.
Employees want jobs that provide them with a sense of purpose. In other words, a company’s goals and measurements of success must be defined by more than financial earnings. Many employees find a great deal of satisfaction working with a company that aligns with their own values, a company that is socially responsible and aims to have a positive impact on society. Employers can also foster a sense of purpose by taking the time to acknowledge employees, celebrate their achievements and reward hard work. After all, we all want to grow personally and make a meaningful difference. Learn more at www.pghtech.org/membership-benefits/employee-benefits.aspx.