In Today’s Challenging Labor Markets, How Can you Motivate and Retain Employees?
There is little doubt of the challenges of attracting and retaining good talent that employers face in today’s labor market. Here are a few considerations to help employers save time and resources:
It may not be all about the paycheck (although it is top of mind for many), but it could be about the total compensation package. Employers are faced with rising cost across the board and employee pay and benefits are no exception. Every employer and business sector seem to have a draw for various personalities and skillsets. Employers that can set themselves apart by promoting what is most important to their labor force may have better success in attracting and retaining talent. For some that may be more vacation or work location flexibility, for others it may be about insurance benefits or health and fitness. Finding the right combination may be a challenge, but promoting the items that are proving to gain the talent you need may help you gain the competitive advantage.
Investing in employee happiness. Happy employees ten to be less likely to consider options. Employees that feel valued and invested in tend to be happy employees. Can you provide professional training or mentoring to help employees feel more valued? This may include positive ways to improve their overall work quality or quality of life.
Employees that are recognized ten to be happy employees. This may not be all about fanfare or monetary bumps, it may include items such as word of appreciation, a few hours away, or lunch with the team or supervisor.
Empowered employees have a sense of belonging. Empowering employees does not mean promoting them in rank. Rather, providing employees with tools and knowledge to make informed decisions as it relates to their work product along with coaching, mentoring and accountability provide employees with empowerment.
Overall work environment ties in with the items above. Companies that can provide consistency with how they promote their organization and treat their employees goes a long way to creating a desirable work environment. Employees that are happy, feel empowered, are trained and knowledgeable in their tasks tend to have less work-related injuries and produce higher quality products this help to control your insurance and benefits costs.
What does all of this mean to an employer, cost savings and work efficiency. With the average cost of employee turnover equating to some factor of that employee’s annual salary, it becomes easier to quantify a return on your investments. Consistency for your customer experiences helps to gain repeat customers when they experience professional courteous interactions and a best-in-class product or service.
Innovise is here to help you control your cost of risk while providing your company with the best insurance coverage and benefits possible.