Employees and those looking for work in today’s environment have more options at their disposal than perhaps ever before. There exists a wide range of occupations, employer locations, industry types and work arrangements available to each worker. This allows an individual the ability to be more selective in choosing where they will work, why they want to work there and how long they plan to stay there. And although each individual’s criteria is often unique and varied, there are many common concerns that tend to be shared among workers. Understanding these common issues is a critical component of creating a workplace that attracts and sustains a vibrant and growing workforce.
The term “employer of choice” is often used to describe such a company and for the employer, achieving such a status can be very advantageous. The benefits can include increased productivity, the ability to attract and retain top talent and a healthier workplace culture, all of which can help improve the company’s bottom line. To become an employer of choice, the company leader(s) should fine-tune their corporate culture, branding, recruitment and retention strategies by targeting several of the following key aspects to set them above their peers:
- Job Security…employees want to be sure that their employer is in a sound financial condition and that they don’t need to worry about layoffs or downsizing.
- Opportunity for Growth…by helping employees map a strategic career path, employers of choice encourage their staff to develop their skills and careers by providing them with performance development planning, training opportunities and the resources needed to advance.
- Respect and Fair Treatment…It is not reality to expect employees and their employer to agree in all matters, but their differences of opinion should always be respected. Employers should develop policies with fairness in mind, treating everyone equally and without bias.
- Recognition of Performance…employers of choice provide employee recognition to employees achieving performance successes and for those exhibiting positive, desired behaviors.
- Employee Input and Empowerment…Employees are more apt to feel invested in a company when they feel that leadership values their input into company processes, policies, and allow them to control their choices and make decisions.
- A Well-Rounded Benefit Package…The impact of the COVID pandemic has caused many employees to reconsider their priorities when it comes to choosing benefits. Employers who have offered traditional benefit packages until recently are finding they may no longer be the employer of choice with an outdated benefit portfolio that doesn’t meet the evolving needs of their workers. Inclusion of income protection (short- and long-term disability coverage), critical Illness and hospital indemnity programs, an expansion of mental health coverage and financial wellness programs could go a long way in helping your business stand out.
It’s no easy task to continually maintaining these programs while staying within budgetary restraints, but the employer who does so will not only win the loyalty of their employees, but better position themselves as an employer of choice going forward.
My Benefit Advisor (MBA) guides employers of all sizes through planning, communicating, and managing a successful employee benefits program. We are ready to help you find the solution that fits your needs, from group insurance to individual coverage. For more information about MBA, contact us.