Offer Choices to Retain Top Employees
One of the most attractive incentives a business owner can offer to job candidates and employees today is flexibility. Money is not the sole motivational factor. Employees are more likely to accept offers and stay with a company that gives them choices and a sense of control over their job satisfaction and quality of life.
Flexibility means different things to different people. Let’s take a look at some typical areas where employees may be able to make choices that fit their values and lives.
For employees working in person, commute times can be an issue that just gets worse and worse with time. Commute times also can be a dealbreaker for a highly qualified candidate. These individuals will appreciate a schedule that allows them to beat the traffic by starting and leaving work earlier.
Another scheduling issue is childcare. Offering in-person work hours that allow a parent to be home after school for their children can help you retain a valued employee or gain a new one in this competitive labor market.
Some people who were introduced to remote work at the start of the pandemic got used to it and are reluctant to give it up. For these people, a hybrid compromise might be a win-win solution. Some studies show an ideal ratio is two days in the office and three days remote working, but this depends of course on your business operations.
Not everyone wants to take off every standard U.S. holiday as a paid day off; for example, some people may prefer to work on the Friday after Thanksgiving if that means they can take off the day of Christmas Eve. Floating holidays also allow employees to observe religious holidays that are not mainstream U.S. paid days off, without sacrificing any pay. A policy that recognizes individual differences demonstrates the business respects its employees and reinforces employee loyalty.
One size rarely fits all when it comes to selecting recognition rewards for your employees. For some types of milestones, some recognition activities make sense as company rituals, part of your culture. An example of this kind of tradition might be posting a photo on your business social media account when an employee achieves a milestone work anniversary. On the other hand, if a recognition award is involved, providing a choice ensures the employee feels valued and appreciated and that the positive reaction reflects back on the business.
Employee benefit plans
Check with your benefits advisor to explore what choices you can afford to offer your employees.
As a business owner, you want to ensure your top employees feel confident they can take care of their personal needs and those of their families. A flexible plan for benefits and rewards demonstrates you respect and value them as individuals.
If you would like to learn more about how this might apply to your business, let’s talk: