Becoming a Valued Employer

Raffa Financial ServicesRaffa Financial Services on 08/13/2020

Is there a magical way to become an employer of choice and attract top talent? Nope. But there are a couple of quick and easy ways to improve your recruiting and retention of great employees.

  1. Find out what they care about.
  2. Provide it.

Where does the value lie?

Employees value many things! That said, every employee is different, and what appeals to one person may not appeal to another. Employee motivations are wide-ranging and can change over time. The more diverse your group is, the more diversity you’ll want to build into your employee benefits. This doesn’t mean your company has to start offering everything under the sun. It just means you‘ll want to think about the people on your team and the kinds of perks and benefits that will be most attractive to them.

If you don’t know where to start, here’s a simple idea: Ask your current employees what they love most about working for you. If the answer is “The paycheck!” this could mean your employees care most about financial security. It could also say they aren’t super excited about your culture— or anything else you’re currently offering.

If you want a more well-rounded answer, follow up by asking your employees for one thing they wish they could change. This will provide additional insight into what motivates them and what they feel is missing from the current environment. If the top answer here is “More vacation days!” it could mean they need more time to rest and recharge. Reading between the lines, it could also say they value flexibility, or that workloads have gotten out of control, and it’s time to hire additional team members.

As an employer, you have the power to dig deep on these topics. There is one caveat here: If you love your current business model, aren’t ready to make significant changes, or don’t want to stir up a bunch of negative feedback, a survey may not be your best course of action. If this is the case, you can simply turn to research for an idea of what employees want and how you can deliver on those things.

Narrowing it down

While it’s true that each person, company, and workgroup is different, it’s also true that the majority of employees are looking for a few key things. Today’s employees want to work for organizations that provide the following key benefits.

Financial empowerment

While many things matter to employees, money is still the top deciding factor for the majority of job seekers when taking or leaving positions. Employees aren’t just looking for financial stability; they also want the hope of a secure future.

Things employees value: competitive compensation, tuition assistance, student loan repayment programs, retirement plans

A robust benefits package

Having healthcare benefits doesn’t just help keep employees well physically. It also helps with financial and mental health. Many employees can’t afford healthcare on their own, and they value the security and wellness this benefit brings to their lives. (According to one survey, 88% of respondents said they would give a healthcare benefit “some consideration” or “heavy consideration” when choosing a job.)

Things employees value: low cost medical, dental and vision plans, HSAs, telemedicine 

A culture that enables employee wellness

All work and no play makes for an unhappy team. Both work and life can get incredibly complicated and busy, and employees are looking for ways to artfully manage it all. At the end of the day, even the “rise and grind” types want to be able to work when, where, and how they want. The good news here is that flexible hours and remote work often cost nothing for employers to provide (and something so many employers are now doing these days anyway). These things can actually make employees happy AND save companies money at the same time.

Things employees value: flexible schedules, unlimited vacation policies, paid time off, parental leave

A culture that embraces individuals

The lines between work and personal lives are blurring. More and more employees want to feel they can bring their whole selves to work. They want to be accepted as individuals, and they want to feel they are making a difference in the world. For today’s workers and job seekers, culture has become nearly as important as compensation.

Things employees value: company culture, workplace diversity, paid volunteer time, defined career paths, professional development

In the end, it’s simple

Talented employees have options. They aren’t afraid to leave bad bosses or bad companies. More importantly, they will be inspired to seek out organizations that have solid values, do great work, and treat employees well. Investing in your people and your benefits program is a great way to increase employee retention and make sure you stay on the nice list.

 

Looking to enhance your employee benefits package? Want to be a coveted employer of choice in the greater Maryland, Virginia and Washington, DC area? Get in touch with Raffa. We love this stuff! And it’s what we do for our clients every single day.  

Photo by Aleksandr Davydov

 

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