Finding and retaining the best talent for your company is not an easy task. During the recent recession, many people were desperately looking for a job, with many willing to take what they could get. However, as the economy has improved and the makeup of the workforce has changed, many businesses are finding it harder and harder to find and keep the best employees.
Now employees, especially millennials, are looking for a workplace where they are treated well and feel appreciated. Because competition for good candidates is fierce, it is important that you offer your employees what they are looking for if you hope to attract and retain the best.
Optimum Employer Solutions has gathered some of the best ways to make your employees feel appreciated, which will go a long way in helping you attract and retain top talent:
Empower Employees with Recognition
Recognition is one of the best ways to help employees feel appreciated. There are many different ways you can recognize your employees. Consider having a display board or newsletter where you feature an “employee of the month.” Offer rewards, such as a free lunch or a gift card as a thank you for hard work. You can also encourage your employees to recognize each other. If recognition is a common action in your workplace, your employees will certainly feel like their hard work is not going unnoticed.
Reward Long-Term Employees
Consider rewarding employees who stick around for several years. You could offer them a bonus, a nice gift or some other form of appreciation for their dedication, service and longevity. Many companies structure benefits so that employees who stay longer get more vacation days, such as an extra week after three years of service. Other employees who have not been at the company for long will see this and remember that there is reward in being a long-term employee.
Encourage Peer-to-Peer Collaboration
One way to really engage employees is to encourage them to collaborate with each other, especially those who share similar interests. For example, if you have several employees who are interested in fitness, encourage them to get involved in a fitness activity together. The entire office can also benefit from these collaborations by having the employees host a workshop, event or other type of information session for your other employees.
Many businesses set salaries based on the current market. While it is important to keep current and stay competitive, it is also important to consider setting base salaries, at least partly, on performance. When an employee works hard and receives a raise, he or she will certainly feel like the hard work has paid off. You can also consider giving bonuses that are aligned with your company’s goals. As the company succeeds and grows, so do the employee’s paychecks. This will help motivate your employees to work for what is best for the company, not just for themselves.
A raise or bonus is not the only way to compensate your employees for a job well done. You can also offer a nice range of benefits, from a competitive retirement plan to medical and dental plans. While salary is important, a great benefits package can certainly attract and retain good employees.
Use Your Employees as Recruiters
Recruiting top talent is the first step in gaining and retaining the best employees. One of the most effective ways to grab the attention of a potential employee is to use your own employees as recruiters. A current employee can speak genuinely about the company and why he or she enjoys working there. It gives a potential employee the chance to really discuss the company culture with someone who has experienced it first-hand.