In a 0% Unemployment Economy, How Do You Retain Your Best Talent?
Is a 0% unemployment rate possible? Experts all agree it’s unlikely. It’s never happened in U.S. history. While it’s not feasible, it’s interesting to think about what if it did. The inflation rate would increase. The economy could overheat and lead to overproduction of goods. This could all trigger a recession.
Imagine that it did happen, however. Jobs are plentiful. Everyone is employed, which leads companies looking for new hires struggling to find workers. In order to fill positions, your competition would try to lure your employees from you. If the unemployment rate hit 0%, how would you keep your best employees?
Is Your Salary Competitive?
One of the first places to start is by looking at salaries in your area. Salary isn’t always the most important factor for an employee, but it will factor into the decision whether to stay or go. If you’re paying your assistant $15 an hour and the competition pays $20 an hour, that extra $5 an hour could be very tempting.
Give Them the Same Respect You Expect From Them
Mutual respect is an easy way to keep talented employees. If you’re asking them to work overtime or stay hours after their typical shift, you should be there with them. If you demand they stay late, but you leave at the normal time, resentment may build. If you ask them to put cell phones away and keep their office doors open, you need to do the same.
You may be a manager or owner, but that doesn’t mean you should treat them as though they’re less valuable. After all, they’re the ones helping your company make money. If they’re not getting that respect from you, they may decide the grass is greener elsewhere and leave you. That leaves you struggling to find and train someone new.
A general rule is to treat your employees as you want to be treated. If they feel like they’re a major part of the team, respected, and not just someone being paid to do the job, they’re less likely to leave.
Make Sure Your Equipment & Tools Aren’t Outdated
When was the last time you updated things in the office? Are you asking your employees to work on machines that are 30 years old? While they work, they’re slow and break down regularly. Is that causing frustration with your employees?
How about your employee tools, like your benefits portal, timeclocks, and other critical tools your employees use every day? Are those as user friendly and updated as possible to give your employees a favorable experience? These tools should not only be up to date, but should be mobile friendly and accessible by your employees on the go to maximize usage and ease of use.
There are companies who expect old machinery and equipment to keep up with the rates needed to keep up with orders. If the equipment is only capable of producing things at X rate and you’re asking your employees to double that production without going into overtime, there’s an issue. They’re workers, not magicians.
What about your phones, computers, printers, copiers, and other office tools. If they’re 10, 15, or 20 years old, it’s very likely they’re slowing your workers down. Nothing is more frustrating than waiting what seems like hours for a computer to boot up. If they’re frustrated, they may look at an office with the most recent technology and find it more appealing.
Increasing productivity is great, but make sure you’re supplying them with the tools to meet your goals. It may cost money to upgrade machinery, but faster production makes it worthwhile.
Now Stop and Think About Your Benefits Package
You offer health and dental insurance. You offer a 401k. What else? If you haven’t stopped to look at other benefits that are desirable in today’s job market, you’re doing yourself and your best workers a disservice. According to Harvard Business Review, these are the most desirable employee benefits based on 2017 survey results.
- Dental, health, and vision insurance
- Flexible hours
- Ability to work from home
- Unlimited or increased vacation time
- Assistance with student loans or college tuition
- Paid parental leave
- Free gym membership and fitness classes or an on-site gym
- Free daycare
- Free beverages and snacks and occasional meals
- Company retreats for all employees, not just the executives
- Employee outings or field trips
- Volunteer opportunities during normal work hours
- Team bonding sessions
Your employees have been with you for years. They’re older and have families now. Have you considered adding life insurance as a benefit? You have employees who have been with the company for 20 years and are now into their 40s and 50s. What about offering them access to free legal advice for estate planning?
It’s time to look at your current benefits package and see what you could do to improve it. Ask your employees to give you input to see if there are things not listed above that they’re really interested in gaining. You’ll find that the best way to retain your best employees is by listening to them and using their input.
Outsource Your HR and Free Up Time
Many business owners mean well, but they find that day-to-day operations eat up too much of their time. Between business calls, meetings, and other daily tasks, there’s no time left to look into making improvements within the company.
Emphasis HR understands that running a business takes time and energy. This is why outsourcing your employee human resource and benefits administration is so important. We can look at your current options, research other popular benefits, and manage it for you. Our experts are available 24/7, so you never have to arrange a time during your busiest work hours. Live chat is a click away. Or, call us at 888-688-1680 for a free demonstration.