With the unem­ploy­ment rate in the North Bay under 3%, it can safe­ly be said that we are in an employee’s mar­ket, and the pain is being felt by com­pa­nies in all indus­tries. One of the most com­mon ques­tions we are asked is, “How do we retain our cur­rent employ­ees and attract the ones we need?” Ben­e­fit con­sult­ing firms can pro­vide solu­tions to address this issue.

Here is a look at 5 ways that you can keep the employ­ees you have, and attract more in a tight labor market.

1. Focus and Invest in Your Organization’s Cul­ture: First and fore­most, as an employ­er, you need to focus on your organization’s cul­ture. What is it at present, and what is your vision for it? 78% of the mil­len­ni­als, sur­veyed local­ly, answered that the cor­po­rate cul­ture of an employ­er is more impor­tant than ben­e­fits and com­pen­sa­tion. If an employ­ee does not like where they work, they will leave, and if a prospec­tive employ­ee hears or reads neg­a­tive things about a com­pa­ny, they will not seek employ­ment there.

2. Pro­fes­sion­al Devel­op­ment: When it comes to retain­ing employ­ees, employ­ers must pro­vide con­tin­u­ous on-the-job devel­op­ment. Accord­ing to Deloitte, 73% of employ­ees who plan to stick with their employ­ers more than 5 years, say that their orga­ni­za­tions dili­gent­ly pro­vide edu­ca­tion and train­ing. This makes per­fect sense on more than one lev­el. After all, employ­ees are an invest­ment in the future, and are the rea­son behind the growth of any com­pa­ny – small or medi­um-sized, and when employ­ers invest in those employ­ees, it makes them feel val­ued and respect­ed rather than expend­able. When your employ­ees are strong and smart, it reflects on your busi­ness as well.

3. Flex­i­bil­i­ty: Tra­di­tion­al 9‑to‑5 employ­ers are not only com­pet­ing with oth­er tra­di­tion­al employ­ers, but with the “gig econ­o­my” as well. This is where indi­vid­u­als are able to work where and when they want. It is essen­tial for com­mit­ted and healthy employ­ees to have bal­ance between home-life and work-life. When you rec­og­nize that employ­ees have pri­or­i­ties and respon­si­bil­i­ties out­side of work, you allow them to find the per­fect bal­ance that works for not just the employ­ee, but also the com­pa­ny, and sup­port them in being more pro­duc­tive as well as ful­ly present when they are at work. This also reduces sur­prise “sick days,” and cre­ates a more reli­able work­force with less­er stress. Work­ing with your employ­ees to strike a bal­ance that works for every­one is well worth it.

4. Com­pet­i­tive Com­pen­sa­tion: While cul­ture plays a crit­i­cal role in attract­ing and retain­ing employ­ees, you must be com­pet­i­tive in pay­ments you make to employ­ees. Have you read com­pen­sa­tion stud­ies (quite a few staffing agen­cies have them), do you know how much your com­peti­tors are pay­ing their employ­ees, and are you being real­is­tic about the cost of liv­ing in the area of your busi­ness? It is, after all, an employee’s mar­ket, and it may cost you more in the long run, if you do not pay desired remu­ner­a­tion to deserv­ing employees.

5. Com­pet­i­tive and Cre­ative Offer­ing of Ben­e­fits: Most employ­ees nowa­days expect med­ical ben­e­fits, also cov­er­ing den­tal and vision care. So how do you dif­fer­en­ti­ate your­self as an employ­er? If you do not think out­side the box, the only way that you can be dif­fer­ent (pos­si­bly) is through plan con­tri­bu­tion and fund­ing strate­gies. Over the years, there have been clients of ben­e­fit con­sult­ing firms that offer ben­e­fits that go beyond what is con­sid­ered tra­di­tion­al. These include gym mem­ber­ships, tick­ets to events, and com­pa­ny-spon­sored lunch­es to name a few.

If you are look­ing for effec­tive ways to attract and retain employ­ees in your orga­ni­za­tion, you should seek the help of one of the best ben­e­fit con­sult­ing firms in Cal­i­for­nia — Arrow Ben­e­fits Group. For more infor­ma­tion, vis­it arrowbenefitsgroup.com or call today.