While employees like to receive financial compensation, this alone is not good enough to help you attract and retain them. Money is essential, but it is not everything you need to keep your employees happy. Remember, money can’t buy happiness. Yes, your employees expect you to pay them fairly. However, pouring more money onto their salary isn’t going to make them happy. What they want are benefits.
If you want to attract and keep your employees for the long term, you will need to make them happy. This statement is all the more true if the employees you want to attract and retain are top talent in your industry. The best way to make employees happy is to give them the benefits they want. Adding the following benefits will make your compensation good enough to attract the top talent and keep them happy in their position.
1. A Robust Benefits Package
According to the workforce intelligence experts at Revelio Labs, your benefits package is one of the crucial things that helps people decide whether they should stay in a position or move on. This fact is fundamental if you have a small or mid-sized company. After all, the top talents expect benefits that help them provide for themselves and their families.
The most important thing to include in your benefits package is a good health insurance plan. A good program helps your employees cut down on out-of-pocket healthcare payments, which saves them money in the long run. Plus, they won’t have to worry about the stress of having to pay high out-of-pocket costs for medical care. That makes them happy and keeps them working for you longer.
2. Room for Growth
Pay and benefits are significant, but employees need to feel like there is room for them to move up or around in your company. In other words, you must give them movement opportunities, such as internal promotions, skill development, and relocation options. After all, you don’t want them to feel that they’ve hit a personal growth wall that can encourage them to take their movement to another company.
Instead, allow them to move around in your company, try new things, and enjoy opportunities. Anytime they bring new ideas to the table, acknowledge and examine them rather than throwing them away. These options show your employees that their job’s boundaries are flexible, so they don’t feel stuck. That leaves them happier, so they don’t feel like jumping ship.
3. A Culture of Recognition and Appreciation
Lastly, to keep your people from feeling like unappreciated federal employees, you need to show them that you appreciate their hard work. Instead of showing how much you appreciate their work by giving them a raise, provide them with a reward they will enjoy throughout the year. You can offer something small and simple or something big that everyone in the office strives to achieve.
The best way to do this is to take a poll, see what your workers would like, and then deliver on this demand. You may find that they want something as simple as an employee of the month board, which you can quickly implement. Taking this course of action shows them that you appreciate their hard work. That makes them feel needed and happier.
In the end, offering your employees these three things will give them the benefits they want, so they stay happy. Happiness is the key to attracting and retaining employees. These benefits are sure to be enough to help you with your efforts to make your company appealing to top talent. In other words, your compensation will only be good enough if it incorporates these benefits.