Posted on: June 26, 2018
Most successful organizations know the value of good employees and go to great lengths to make their relationship with employees as valuable as possible. This helps them retain their best employees and develop a reputation that makes recruiting easier. Organizations that compete for talented workers recognize the importance of having a reputation as an excellent employer. Here’s why being a great workplace is vital to your success.
Make people the priority
It’s no surprise that salary and meaningful work are two factors potential employees carefully review when searching for a job. But they also want to work for a business whose mission includes taking care of the needs of its employees. They also want to feel their coworkers are extended family members, not just a group of random people they happen to work with every day.
Sponsoring employee service projects, family activities, and friendly team competitions will help build a cohesive workplace. It’s also important to recognize employees whose service and work achievements support the mission. These employee experiences will help create a positive business culture vital to being a great workplace.
Give meaningful benefits and perks
Employees today examine the benefits and perks in employee packages. They want an excellent medical plan, but also value voluntary coverage such as dental, vision and hearing. And increasingly, companies are turning to perks that help them with a specific area of care in their lives. Onsite daycare, debt counseling and student loan reimbursement have more impact than previously realized. Although they may not use all the options offered, employees want to know the coverage is available.
In recent years, news reports have discussed the stress employees feel over their finances. They are distressed and distracted at work while trying to figure out how to cover expenses.
Many are delaying the purchases of a better car or a home, or even starting a family. Often, their monthly college loan payment is like the cost of a home mortgage.
About 70 percent of employees today have large student loan debts. Other workers are helping to pay college expenses for their kids and grandchildren.
That’s why new hires and current employees want a student loan repayment benefit and college savings contribution options, like BenefitEd.
Research shows that 90 percent of young workers would commit to an employer for at least five years if they received help repaying student loans. BenefitEd is an easy option to add to employee benefits packages. Employers identify the employees eligible for the benefit and the amount they’ll contribute during the calendar year.
Encourage work-life balance
Work flexibility is essential to most employees. They seek options to work in the office, at a coffee shop, or from home so that they can juggle work deadlines and personal commitments. Businesses that stand with employees and put their needs first will develop a reputation as an employer of choice.
Employees appreciate public recognition of their work contributions. They look for job responsibilities to increase their salary and value rewards and benefits that help them financially.
Focus on growth opportunities
Eighty-six percent of American employees seek companies that offer continuous opportunities for training and coaching. Great workplaces acknowledge that employees today have many goals and dreams and support their desires for growth. And they’re smart to provide leadership training experiences and develop a succession plan to help employees see their long-term fit in the organization.
90 Percent of young workers: New Survey Reveals Burden of Student Debt on Young Employees
86 Percent: Global Human Capital Trends 2016