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Why not treat your new hires like royalty?

February 21, 2018

Have you ever started a new job and your "spidey" senses say "something isn't right?" You ignored all of the signs during the interview process because you REALLY needed to hire someone but the first few days are showing you that you may have been right! And you start to think, "It is time to look for a new job" But wait a minute, you just started! 

 

 

 

 These are the thoughts of your new employees - is this what you want?

 

Turnover can be extremely expensive for employers when lost productivity and replacement costs are taken into account. According to the Society for Human Resource Management, it costs, on average, six to nine months’ salary to replace a salaried employee.

 

Can you afford to churn and burn new employees? I already know the answer...just checking :-)

 

Just in case you don't believe me, let's do the math and then we will take a look at how you can turn your company into a place employees are knocking on your door to work!

 

 

To combat turnover, employers need to get creative and use recruiting and retention techniques that attract and keep employees engaged. Some of these techniques include offering more vacation time, pet insurance, providing incentives for high-quality performance, and offering paid maternal and paternal leave. Offering on-site day care, flexible scheduling and telecommuting options are also very popular with employees when deciding whether or not to accept a job offer.

 

In addition to these incentives, employers need to tailor their benefits packages to match the needs of their employees. According to Employee Benefits News, younger workers desire more feedback from management and the ability to constantly discuss where they can advance. On the contrary, more seasoned workers value assistance with work and family balance, flexible scheduling and retirement saving options. To retain good employees of all generations, employers should survey their employees to determine what is important to them and create benefits packages accordingly.

 

Recruitment Strategies

 

 Use the following strategies to help recruit talented workers and to have an edge up on the competition:

 

Use technology

 

  • Use internet-based recruiting and job posting sites and apps to attract individuals to the company. Many individuals, especially younger ones, almost exclusively search for jobs using the internet.

 

In addition, make sure job posts are mobile-friendly, as millennials are likely to use their smartphones when job searching.

 

  • Visit websites like Glassdoor, which provide a profile of your company from employees’ point of view. View your company’s page to see what employees are saying and identify strengths and areas for improvement.

 

Use LinkedIn and your company’s website and social media accounts (Twitter, Facebook, etc.) to post job openings and build your company brand by highlighting company benefits and perks.

 

Anticipate future hiring needs

 

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 and to devise a game plan for how to recruit long before there is a need.

 

Offer employee referral incentives

  • To enhance the appeal of referring friends to the company, 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 line by endorsing someone else.

Attracting Younger Employees

 

Recruiting Toolkit

Who are Gen Z?

Click here to use scorecard

 

Tap into the older labor market

 

Why are some employers afraid to hire older workers? Older workers tend to be dependable, stable but more importantly experienced! Depending on their stage in life they are usually willing to take less pay, work hard and may not need benefits.....just something to think about!

 

  • Older employees tend to be more experienced and require less training time than their younger counterparts. To attract workers from this age group, employers can offer more generous health benefits for afflictions that affect older individuals, such as care for arthritis.

 

  • Offering voluntary benefits, such as long-term care insurance and cancer insurance, may also help attract older, talented employees.

 

Provide on-the-job perks, such as:

 

  • Signing bonuses

  • Pet Leave

  • Concierge services

  • Day care centers

  • Casual dress policies

  • Paid maternity and/or paternity leave

  • Fitness center usage

Retention

 

  

Once hired, it becomes crucial to retain good employees.  There is a high price tag associated with filling jobs, and high turnover can harm a company’s image as an employer of choice. To keep employees engaged and around for the long haul, consider the following measures:

 

 

Retaining Younger Employees

 

Retaining Millennials Toolkit

 

Hold managers responsible for retaining workers.

 

Encourage management personnel to establish positive working relationships with the employees that report to them. There should be frequent one-on-one interaction so employees can form a bond of confidence with the individuals in charge. Generally, employees tend to leave their supervisors, not their jobs.

 

Offer rewards and appreciation to dedicated employees

 

Offer cash bonuses or more paid vacation time to employees who exceed their job requirements, as a sign of appreciation.

 

Consider offering bonuses in smaller amounts more frequently to show appreciation for outstanding quality of work.

 

Offer telecommuting options

 

To combat the stress of working and maintaining a family life, offer telecommuting options to allow employees to work from home one or more days a week.

 

Offer flexible scheduling

 

Employees often strain to get everything done and can find value in flexible schedules that allow them the option to come into work later or earlier, depending on what works best for them. Providing a healthy work-life balance is key.

 

Offer flexible scheduling

 

Employees often strain to get everything done and can find value in flexible schedules that allow them the option to come into work later or earlier, depending on what works best for them. Providing a healthy work-life balance is key.

 

Offer to pay for tuition, books and other education-related costs for employees wishing to further their education and improve their skill sets

 

Consider requiring employees to remain at their job for a specified amount of time (for example, 18 months), otherwise they are held responsible for paying back part of the educational costs.

 

Use benchmarking resources

 

Survey wages offered by competitors to ensure that you are offering your employees’ competitive wages, paid time off and other benefits. Do so annually, or even more frequently, to keep up with the competitive labor market.

 

Develop and promote a clear career ladder

 

Employees are more likely to stick around if they know what opportunities for advancement are available to them in the near future and they know what they need to accomplish in order to advance.

 

Offer deferred bonuses

 

Instead of offering employees full signing bonuses right away, try offering half of the bonus up front and half later on.

 

Communicate with employees

 

Request regular feedback from employees through focus groups, surveys, etc.

 

Schedule regular performance reviews in which strengths and weaknesses are discussed—employees will feel more like their work matters if you notice things like performance and quality of work and comment on them regularly.

 

Clearly explain the benefits package to employees to help them understand what they’re being offered. Using total compensation statements, for instance, can help increase employees’ awareness and appreciation for your benefits.

 

Allow employees to use extra, unpaid vacation days or give them the option to donate sick days to an employee who needs them.

 

Offer employees time off to volunteer or organize company volunteer events during work hours. Millennials, in particular, have been found to care strongly about a company’s commitment to helping the community.

 

The Math

 

Click here to calculate the cost of turnover for your business.

 

The Process

 

However you choose to recruit and retain employees, keep in mind that your competitors are trying to do the same thing. By using these strategies and continually researching new strategies, your business can attract the best and brightest talent, and most importantly retain them, allowing your business to prosper.
 

Does the thought of implementing any of this make you exhausted? Call us, we can make your life easy! Call or text: (707) 439-8158 or email

 

 

 

 

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