Programs That Will Make Your Employees Thankful
Americans gather together this week to consider the many things for which
they’re thankful. As we take stock, it’s a good time of year to assess your
company policies and procedures to be sure you’re offering programs that
will make employees grateful to be working for you, according to the Iowa
Society of Certified Public Accountants. A 2006 survey by the Society for
Human Resource Management found more than three-quarters of American workers
were looking for new jobs. In this competitive hiring environment, it’s a
good idea to reward your talented staff members for their dedication.
Compensation comes first
Not surprisingly, attractive compensation is a very important element in
employee job satisfaction. That’s why it’s critical to know the current
market rate for various positions and to make sure you’re offering at least
as much.
The Best Benefits
Workers have also come to expect competitive health care and retirement
benefits.
Consider turnover costs
While generous salaries and benefits may seem expensive, CPAs advise that
the cost to replace unhappy staff can be even higher, beginning with the
costs to productivity when you hire a bad employee. Expenses also include
job advertising and recruiters’ fees, training, accrued salary paid to a
former staff member, and the cost of professionals’ time spent on
interviewing and paperwork. You’ll also have to factor in the cost of
opportunities lost and projects left unfinished while a position is vacant,
and perhaps overtime expenses when other employees pick up the slack. In the
end, it’s likely less expensive to raise salaries or improve benefits than
to cope with constant turnover.
Career advancement is key
If you’re already offering attractive salaries and benefits, how can you
differentiate yourself in the hiring marketplace? Ambitious professionals
often seek out the strongest chances to advance their careers. As a result,
businesses that have clear career tracks or excellent training and education
opportunities will be at an advantage. Many companies offer workers some
form of tuition assistance. Similar perks that involve no cash outlays
include formalized on-the-job training and opportunities to take on greater
responsibility. Employees will be less likely to quit if they’re convinced
that working for you is the key to a great career.
Keeping well
Wellness programs are another increasingly popular benefit that will help in
your efforts to instill loyalty. They include smoking cessation workshops,
weight loss and stress reduction programs, and gym memberships or discounts.
While these programs may seem costly to institute, they reduce turnover
costs and health care insurance bills.
Overlooked options
There are many other benefits that companies can provide that will help
retain staff. For example, onsite or emergency child care options can be a
very appealing benefit to young parents. Discounts on company products or
services are a relatively inexpensive benefit that employees will
appreciate. Parking privileges or transit subsidies that make commuting
cheaper or more convenient for staff is another perk. Depending on your
budget, providing free coffee or lunches will also boost morale.
Small businesses turn to CPAs as their most trusted advisers. Your CPA
can help you evaluate the cost benefits of various employee compensation and
benefits program, or offer advice on tackling any other challenges affecting
your company.
Access “Find a CPA.”
