If you’re finding it difficult to not only attract but also to retain good employees, you may want to take a closer look at your benefits package. Acquiring a higher annual salary usually derives from achieving a higher level of education. College graduates today have access to more than just a help wanted ad in a newspaper, they have the internet. With this platform, they are able to quickly identify what their starting salary range should be as well as the additional benefits that help to pad the appeal of the potential employer. In order to stay competitive you must hire and retain the right employees and this means having an employee benefits package that includes incentives, giving them a reason to select and remain loyal to you.
How to Get Started
Getting started isn’t really as difficult as you might think. For one thing, the benefits package rewards you, the owner as well. For instance, you assign a goal for your employees and the employees then work to achieve it. It’s a win across the board. You increase revenue and your employees receive a yearly bonus.
Many of the most successful companies today understand that if they keep their employees happy and allow them, based upon individual performances to excel and achieve goals that they will help the company grow and stay. Companies like Asure Software are assisting these companies by giving them the tools they need to keep their business moving in a forward direction without the need for an additional staff to manage the books.
More Than a Paycheck
In addition to the year-end bonus, profit sharing such as a 401K, a pension fund, an excellent medical plan and vacations are all part of a carefully created package for your employee. Unlike employees hired just 30 years ago, the interest, cell phones and other mobile devices has put the world at their fingertips. Employees now review their standings, accounts and balances often.
They monitor their health plan and want the ability to customize it to best suit their immediate needs. Things like flexible spending accounts, give employees a way to establish a savings account for the dentist, dermatologist, a therapist or any other medical situation they may want to cover over time.
What it Means for You
The good news for you is that using programs like the ones offered by outside companies like Asure, are now a common practice for larger corporations who want to remain successful. While they may sound complicated, these benefits are not handled by you, but rather outside of your office. You select the plan you want that you feel best covers the needs of your existing and future hires and then someone else manages it for you. You don’t give up control; you can access it anytime and change things as needed. What you will give up, is many hours of labor and extended hours that you could use for something else.
It’s no secret that the key to acquiring and retaining an exceptional staff is having an attractive package that includes employee incentive programs, respect for their knowledge and opportunities for growth with the company. An appropriate salary is just the beginning. With open access to online venues, graduates today are smart and savvy. They research companies and carefully review each offer. In order to continue to attract the right people and move your business forward, you need an attractive package that rewards your employees for exceptional performance. When an employee has the opportunity to earn more for bringing in new business, it tends to create a special bond called loyalty.