🔒You can hire and retain employees, without breaking the bank

With the unemployment rate decreasing, employees have plenty to be excited about. Employers, however, are singing a different tune.

Each month, millions of Americans quit their job in order to find a position that they consider better. Employee turnover is expensive and can cost an employer a large amount of money and time. Most employers have workers that they consider critical when it comes to the success of their business. They know that these employees are in demand and must be considered high risk for leaving their current company. The good news is that employers have many options they can consider when it comes to keeping their employees.

1. Competitive salary and benefits

First and foremost, the compensation an employee is receiving needs to be in line with averages, not only nationally but at your very own company. Websites like Glassdoor have made finding salaries easier than ever. Many candidates arrive at an interview with an average salary for the position already in mind. It doesn’t end with salary. Employers need to be prepared to offer completive benefits as well. The company next door may be offering flex time or telecommuting two days a week. It’s important to be flexible and meet the needs of your workers. This is becoming increasingly important as millennials and Generation Z take over the workplace. Younger generations strive for flexibility. At times you may have held all the cards, but this is not one of those times.

2. Work-life balance

Speaking of flex time and telecommuting, these topics directly apply to the work-life balance. Now more than ever workers are looking for positions that will allow them to make this balance easier. Again, this is particularly true of millennials and Gen Z. When polled, a vast majority of Gen Z stated that they are looking for flexibility at work. That is not to say that an employer has to concede to all of an employee’s wishes. The reality is companies should prepare to be willing to listen and offer options to aid in this balance.

3. Hire the right person

Finding the right fit for a position is time consuming, expensive and exhausting. This should be even more incentive to dedicate the time to finding the right candidate. Retention starts at the very first interview. Employers need to devote time to analyzing the role and the candidate’s qualities. Another major consideration is fit. Asking does this candidate fit with our culture? Will they be happy here, will we be happy with them? Fit goes beyond qualifications and is often harder to determine. Finding it can save a company time and resources down the line. Have potential employees tour the worksite and meet as many individuals as possible. This will offer both parties an opportunity to assess the other.

4. Communicate with employees

Employees routinely say that they value being told what they are doing is working. Or what they are doing is not working. Keeping communication open with employees lowers the risk of uncertainty on both ends. Employers can keep tabs on their workers by checking in, and employees can express concern or satisfaction levels. Good communication is a win-win. Keep in mind for younger generations this includes all forms of communicating, including text message.

5. Be a company they can be proud of

Employees (especially millennials and Gen Z) want to work somewhere that makes them feel that they are contributing to the greater good. This isn’t always about the actual work. This could be in the form of corporate social responsibility and community engagement. Allowing employees to feel that what they are doing is making a difference is more important than ever before. This leads to a sense of pride. When an employee is proud of their work it is easier for them to resist the urge to leave the company.

Jeff Leblanc, an assistant professor of business at Saint Joseph’s College of Maine, can be reached at jeffleblanc@sjcme.edu.