How to Attract and Retain the Best Employees in the Market?
In reality, the perfect company doesn’t exist even though even though everyone dreams of working in one. Top companies around the world still have employees complaining a thing or two, thus you can say that there really is no such thing as a perfect system. So what makes top rated companies on top of the competition? How did they work on ensuring their employee retention is higher compared to other businesses?
There are several factors that affect employee retention and it would be impossible to say that all companies share the same issues. Business magazines and those business-related blog sites have listed some of these common denominators.
Flexibility is one of these factors. Whenever it is that one is seeking for employment, one of the things that are being asked for is how flexible the work schedule is. It is always advantageous if the business offers flexibility in the working hours. Nobody wants to be glued for hours on their chair and gone are the days that employees would want to stick with an 8 to 4 job. So if you are a business owner, find time to make the work hours more considerate.
Businesses that give importance to the welfare and health of their employees are always good employers. Better access to health care services is what most workers would be looking for when they seek for employment. Employees are likely to stay longer with their employer when they are given good health insurance coverages for their selves and their dependents. Great employers would also give the same benefits to their part-time workers as they also deserve the same health care benefits.
Nobody wants to retire someday and still feel the need to work even at a very old age because of financial needs. It would be comforting to know that when this time comes that you have the resources and pension to support the rest of your life. Safe Harbor 401 K plan is one of the most popular plans available. Most small companies choose this pension plan for their employees to help them earn better retirement days. Help employees prepare for their future and allow their money to work for them by getting them the right pension plan that gives better return on investments.
It would be very costly to hire new employees compared to working on making them stay to work for the business. It is said that hiring costs seven times more than keeping a good employee. It would be cost-effective for the business to work on retaining employees and making them feel satisfied with their work. The factors listed above are considered as the most common perks that employees would be looking forward to make them stay.