Tips for Minimum Wage Hike Survival:
Employees are key to the success of your business. Just think how many of your employees interact with your customers, deliver service or sell your product.
Once you have taken the time and effort to hire the right people, train and actively engage them, the next step is to KEEP those good employees.
Improving Employee Well-Being Can Improve Retention
We’ve discussed some ways to improve Employee Performance and Engagement—from setting expectations, paying for employee performance and measuring that performance (metrics). If you have put systems into place that engage employees correctly, your overall bottom line should improve along with employee satisfaction.
Rewards beyond Salary
Financial rewards are only one element of a person’s well-being. Money is a critical consideration—but if you are already paying your employees within your industry’s pay scale norm, then other factors become more important such as flexible schedules, casual Fridays or wellness programs. Many of these added perks cost little and can make your workplace more inviting.
Consider offering these other affordable benefits:
- 401k plan may be able to pay for itself in tax saving to the employer. From the view of long term performers, a quality plan with great funds and low fees is a nice inducement to stay and build towards retirement. Learn more about 401k plans.
- 125 plans are similarly affordable and allows employees to stretch their health care dollars much further by paying pre-tax money for expenses such as prescriptions, child care, etc. Learn more.
- Dental and vision plans are also reasonably priced and provide real value to your staff. Learn more.
Not sure what benefits to add? Ask your staff!
You may find that some of their suggestions can be quickly implemented for little or no expense. But by listening to suggestions—you may see a big leap in company morale!
Need more guidance or ideas on how you can create an attractive workplace? Cardinal can help! We work with other professionals and service providers to get benefits that fit your company and are affordable.