Recruiting and Retaining Solid Employees
In recent years, the labor market has become increasing smaller as the job market continues to widen. Employers in search of the most qualified workers are fighting tooth and nail with their competitors. As soon as bright employees are hired, companies are then struggling to keep these individuals in their positions and not lose them to another company.
Today’s workers are also not committed to companies the way they once were, nor are employers celebrating dedication with token gifts for long years of service. In fact, a vast majority of the labor market will have four to six job changes within a specific profession over the course of their career. This is no longer a stigma; it is the norm and can extremely costly for employers when factoring in lost productivity and replacement costs.
To combat these trends, employers need to get creative and employ recruiting and retaining techniques to attract and keep quality employees fro the long haul. According to recent WorldatWork report offering health coverage, telecommuting options and vacation benefits helped employers retain solid employees more permanently. Id addition, on-site day care, flextime and retirement plans were also very popular with employees when determining where they should work, according to the report.
Beyond these incentives, employers need to tailor their benefits packages more specifically to their employees. According to Employee Benefits News, younger workers desire more feedback from management and the ability to constantly discuss where they can move and advance. On the contrary, more seasoned workers value work/family assistance, flexible scheduling and extra time off. To retain good employees of all generations, employers should consider their employee populations and then create benefit packages accordingly.
Here are some ways to help you recruit solid workers and have an edge up on the competition:
– Anticipate Future Hiring Needs: Look into the future to predict what positions will need to be filled instead of focusing on only the positions that are currently open. This will allow you to plan for expenses lost and devise a game plan for how to recruit long before there is a need.
– Use the Internet: Use Internet-based recruiting and job posting Wed sites to attract individuals to the company. Internet users are also typically better educated and more computer literate than non-Internet job seekers. Use the company Web site as a recruiting tool and post job openings and information about the company for potential employees.
– Employee Referral Incentives: To enhance the appeal of referring a friend to the company, you may wish to provide monetary rewards or other gifts to current employees who refer quality job candidates for open jobs. These programs are generally successful because employees are putting their names on the lines by endorsing someone else.
– Tap into the Older Labor Market: Older employees tend to be more experienced and require less training time than their younger counterparts. To attract workers from this age group, employees can offer health benefits for afflictions that affect older individuals such as care for arthritis.
– Hire “High Risk” Employees: Individuals such as welfare recipients, former drug addicts and those with criminal records can often do jobs successfully but are seen as unattractive by employers. Once given the chance to perform, many of these employees will. Many tend to be grateful for the opportunity and will remain loyal.
– Collaborative Hiring Efforts: Team up with another employee a recruit with them for solid employees. Then, offer promotion-related incentives in which employees have the chance to grow within both companies.
– On-the-Job Perks: Signing bonuses, concierge services, day care centers, casual dress policies, paid maternity and/or paternity leave, fitness center usage, nap time/ relax area.
Once hired, it becomes crucial to retain good employees. There is a high price tag associated with filling hobs, so take some of the measure to keep your best workers.
– Hold Managers Responsible for Retaining Workers: Make sure that your management personnel establish a relationship and rapport with the employees that report to them. There should be constant one-on-one interaction so that employees can form a bond of confidence with those individuals in power. Generally, employees tend to leave their supervisors, not their jobs. Many companies hold managers in charge of keeping their employees with the company and offer assistance by sending them to retention seminars. This is a bit controversial since managers are generally not responsible for determining their employees’ salaries and benefits. Therefore, they have limited control over turnover as well.
– Offer Rewards and Appreciation to Dedicated Employees: Employees who exceed their job requirements receive cash bonuses or more paid vacation time as a sign of appreciation. Consider offering bonuses in smaller amount more frequently as the labor market become more competitive.
– Use Salary Surveys as a Guide: Survey wages offered by your competitors to make sure you are offering your employees’ competitive wages. Do so on an annual basis or more frequently as the labor market becomes more competitive.
– Offer Telecommuting Options: Employees who strain to get everything done in one day can find value in a flexible schedule in which they have the option to come into work later or earlier, depending on the demands of their schedules.
– Offer Educational Assistance Programs: Pay for tuition, books and other education related costs to employees wishing to further their education. In turn, these employees must work a specific number of hours per week and must, at times, pay the company back for their schooling. Employees tend to stick with the company longer not only because they are financially obligated, but also because they feel morally tied to the company that created an opportunity to further their education.
– Redesign job roles.
– Offer Deferred Bonuses: Instead of offering employees a full sign-on bonus right away, offer employees half up front and half later.
– Treat Employees with Kindness.
– Clearly communicate the benefits package to employees so they understand what they’re being offered and how it can add value to their jobs and well-being as a whole.
– Offer Flexible Use of Your Benefits Package: Allow employees to purchase extra vacations days to donate sick days to another employee who needs them. Offer time off to volunteer.
In addition to these retention tools, also consider surveying your employee population to determine exactly what they find the most appealing and what motivates them to stay at their current jobs. Also recognize that solid employees are an investment and offering extra incentives to retain these individuals will be a worthwhile commitment. However you choose to recruit and retain employees, keep in mind that your competitors are always going to be out there. Try these tools to get the best a brightest working for you.
The Seltzer Group, located inEastern Pennsylvania, specializes in developing safety, workers compensation, human resources, claims, and risk financing programs. They are a proud member of the Keystone Insurers Group and are national recognized for their expertise in workers compensation solutions. The Seltzer Group serves businesses and individuals locally, regionally, and on the national level.
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