by Kevin Faber, founder of Silver Summit Capital
Every employer wants the best employees they can get, but often the best people don’t show interest. Perhaps your company has high turnover rates and employee dissatisfaction is high. Not addressing these issues is a quick way to waste a lot of money or possibly even run yourself out of business.
So what steps can you take to make a company that employees really want to work for? Here are just a few:
Offer Good Health Insurance.
Health insurance is something the majority of people rely upon their employers for. Shop around and see what kinds of good group packages you can get from big or small insurance companies. Many will provide free insurance quotes. Get a good value but don’t skimp on quality care and benefits. It’s also a good idea to go with an insurance company that has a lot of in-network providers in your area.
Offer Good Benefits.
Even if your business is small and can’t afford massive salaries, you can offer nice benefits. Free or discounted access to products or services your company offers is one idea. Another would be more flexible time off and work hours. It’s usually possible to offer your employees some time working from home in a typical office setting, given advances in technology.
Offer Competitive Salaries.
Sometimes, it is about the money. If the salaries your company offers are too low and the benefits don’t make up for it, you won’t be attracting good employees and the overall quality of work and office environment will suffer. The only way to get around this is to offer suitable compensation for the work performed, and recognize success.
Have A Good Work Environment.
There are a number of ways to accomplish this, though there’s never been such a thing as a “perfect” work environment and not everything you try will work. Start by hiring people who will be a good match for the office’s work environment. This isn’t always easy to judge, but it’s essential to avoid a rotten apple that could potentially spoil the bunch. Have managers be open and available. Be flexible when something comes up, either personally or professionally, and try and plan things out to minimize last minute surprises that raise stress levels astronomically. Cutting out formalized employee evaluations is another thing you can do, as oftentimes there’s no benefit. Instead, address individual issues or successes as they happen and monitor progress.
Address Employee Concerns.
Employees want to feel appreciated, and oftentimes their concerns have merit. Even if the concerns are unfounded, it’s still important to hear them out. Do what you can to fix issues that come up, especially if multiple people are mentioning the same thing. Treat employees like they matter and treat customers like they matter and people will want to work for you.
Instill A Sense Of Purpose In Your Business.
Most employees want to feel like their work means something, and isn’t just there to provide a paycheck. While it’s true that not every job is out to save the world, it’s critical to demonstrate a sense of purpose in a modern working environment to get and maintain employee loyalty. Lead by example and have pride in your work. Take the time to let employees know how what they’re doing is helping your customers.
Offer Development Opportunities.
The best companies invest in their employees so they will grow both personally and professionally. This can be done in everyday situations, like helping an employee learn a new task. Promote from within more often, as this generally decreases costly employee turnover. Offer employees the chance to go to training seminars and pay for extra schooling you can benefit from. Also, institutionalize a quality training program right from the start to ensure employees are properly trained so they don’t feel lost and confused later.
Drop The Cubicles.
Cubicles basically scream a disconnect or barrier between management and employees. Taking out cubicles creates a more open, collaborative work environment so the best ideas can be heard, built upon and implemented. You can also designate quieter spaces for employees to work distraction free when they want or need to.
Hopefully, taking some or all of these steps will help transform your company into one the best and brightest employees will want to work for.
Kevin Faber has been in the commercial finance and banking industry for most of his professional life. He graduated at UC Davis with a B.A. in Business/Managerial Economics. His experience in credit analysis, finance, and management led him to be the founder of Silver Summit Capital. He enjoys working in the financing industry and building connections with industry leaders.