When your business is busier than ever, finding and keeping the right people becomes more and more crucial. The work is there, but finding qualified candidates that are a right fit for your team is one of the biggest challenges our clients are facing. Experienced construction project managers, veterinary technicians, tradespeople, and even office managers are in high demand – making even the best employers looking high and low to find the perfect match for their team.
Employee Turnover is one of the most costly, and least measured, financial statistics that a company has. As we said in our blog post, Employee Turnover can cost as much as 6-9 months’ salary, which can rack up quickly as more and more of your employees are being snatched up by competitors. Recruiting costs can be in the thousands, especially for skilled employees, and training new employees puts a wrench in the systems that are already strained during this time.
All is not lost, though. Here’s two simple ways that you can keep those rock stars that you worked so hard to get as part of your team:
Search sites such as indeed.com, monster.com, linkedin.com, or even craigslist.org to see what other employers are paying candidates for a similar position. It’s never a good idea to be at the bottom of the market – it’s a recipe for employees to look elsewhere. Systemize this process: assign an employee in the organization (HR Manager, Office Manager, etc.) to do this on a very regular basis, especially for hard-to-hire positions. Don’t forget to analyze all positions in the company regularly, preventing great employees for looking elsewhere.
While you’re at it, don’t forget to search unskilled positions. If an employee can go and be a cashier at Aldi for $15/hour, and you are paying a Registered Veterinary Technician, who has to have training and a degree to perform the job, only $14/hour, then you are in trouble. Look at the minimum wage discussions in local politics. Some states have already passed $15/hour minimum wage requirements, and if you think it may be a possibility in the near future, giving incremental raises to your team in preparation ensures that you are not caught off guard.
GET CREDIT FOR A GREAT WORKPLACE
Great people stay with great employers. But are you getting credit for being a great employer? Most employers communicate with new hires benefits like health insurance, 401K, and Paid Time Off. It’s typically spelled out in an employee handbook, or in the employee’s job offer.
What employers often miss is the benefits that are just as essential, and cost the employer a significant amount of money. Did you hire a business or executive coach to guide you to an award-winning team culture? Do you provide lunch to the employees during meetings? Do you donate to charity in their names? Do you pay for certifications or training? All of these have a line item in the budget and are contributing to the employee’s daily life at the business. Often business owners are doing these things, but not communicating it to their team the actual amount that they are spending. That’s not to say that every time the boss buys lunch they need to bring up that it cost them $100, but making sure that they know that you are there for them is critical.
Think about infomercials. We’ve all seen them. They’re selling you a new toaster that will set you back 4 easy payments of $29.95. But wait! There’s more! We’ll throw in an oven mitt, a spatula, or a recipe book FOR FREE! We all know that that oven mitt, spatula, and recipe book are built into the cost of the toaster, but adding up all of the “perks” makes it more and more valuable. Benefits, even small, that the employee will get being a part of your team make the total package of working there even more valuable. Make sure that your efforts are not hidden in the total cost.
Are you having trouble keeping great employees? Could you take on more projects if you had more people? Are your team members happy enough that they are not looking for other work? We’re here to help. There is relief for small business owners that are struggling to handle this busy time. Schedule your no-cost, no-obligation consultation today.