The Sticky Workplace: How to Attract and Retain Talent
The job market has changed dramatically over the past several months due to the “Great Resignation.” The COVID-19 pandemic brought the employee-centric labor market to the forefront, and now more and more employers are looking for new ways to attract and retain top talent. In this article, we will explore some of the strategies companies can implement to help create a sticky workplace.
Sweetening the Bait on the Hook
One of the easiest ways to attract top talent is to offer sign-on bonuses. Sign-on bonuses are a lump-sum payment given to newly hired employees as a way to attract them to the company.
Sign-on bonuses can be especially appealing to job seekers who are hesitant to leave their current company due to fear of losing their salary and benefits.
Another strategy that has gained popularity in recent years is offering referral bonuses.
Referral bonuses encourage employees to recommend qualified candidates for open positions at the company. It is a win-win situation for both the company and the employee.
The employee receives a bonus if their referral is hired, and the company gains a new employee who was recommended by someone who already knows the company.
Boosting Health Benefits
Health benefits have always been a significant factor in attracting and retaining good employees. However, in recent years, companies have started to offer more creative health benefits which have been well-received.
One example is fertility benefits. Fertility benefits were a rare offering until recently, but they are gaining in popularity.
Fertility treatments are often expensive, and insurance does not always cover the costs. Companies that offer fertility benefits may attract valuable talent and signal that the company values family planning.
Another innovative health benefit is doula reimbursement. Doula services are not always covered by insurance, so offering a reimbursement is a great way to support employees who want to have a doula present at their birth.
This benefit shows that the company is committed to the emotional and physical wellbeing of their employees. Virtual physical therapy is a newer type of benefit that is also popular.
Virtual physical therapy allows employees to work with a physical therapist without leaving their house. This benefit shows that companies are willing to go the extra mile to support employees’ wellbeing.
Increasing Wages
Offering higher salaries is another way to attract and retain top talent. While it is not always easy to raise salaries for all employees, companies can start by increasing the minimum wage.
Companies that offer a higher minimum wage will attract a larger pool of entry-level candidates who could eventually become valuable, long-term employees.
Offering Creative Perks
Innovative perks can make a company stand out and attract talented employees. Companies can offer a variety of benefits such as onsite daycare, pet insurance, free lunches, and even nap rooms.
Creative perks show that a company is invested in making sure their employees are happy and productive.
Providing a Sticky Workplace for All
Creating a sticky workplace is essential in retaining employees. A sticky workplace refers to a work environment that encourages employees to stay long-term.
Companies can create a sticky workplace by offering opportunities for professional development, flexible schedules, and remote work options.
Conclusion
In conclusion, attracting and retaining top talent is an essential aspect of building a successful business. To attract employees, companies can offer sign-on bonuses and referral bonuses.
Boosting health benefits can also be a valuable way to entice new employees. Raising minimum wage is another significant strategy, and offering creative perks can make a company stand out.
Finally, creating a sticky workplace by providing ongoing professional development, flexible schedules, and remote-work options is essential for retaining employees. By implementing these strategies, companies can attract and retain the best talent, creating an environment that encourages long-term employee loyalty.
Examples of Companies’ Strategies: How Leading Corporations are Attracting and Retaining Talent
Finding top talent in today’s labor market is challenging. The current business environment has forced many businesses to think creatively about how to attract and retain employees.
The most innovative companies have diversified their recruiting strategies to include creative perks, higher wages, and comprehensive health benefits. This article will examine how some of the most prominent corporations are attracting and retaining top talent in a highly competitive labor market.
Giving Employees Referral Bonuses
Chipotle is an excellent example of a company that has seen success with a referral program. Chipotle employees can earn up to $2000 per year in referral bonuses.
General Dynamics is also using referral bonuses to attract and retain employees. The company offers its employees $5000 for referring an engineer that General Dynamics ends up hiring.
Salesforce takes a slightly different route by offering its employees a 17% commission on the salary of any new employee they refer to the company. This effort generates qualified candidates, and it keeps the employees incentivized and engaged.
Boosting Health Benefits for Employees
Health benefits are fundamental in attracting and retaining talent. Target is a company that has taken a creative approach to health benefits by offering fertility treatments to all employees.
They also offer two fertility preservation cycles per year for employees who want to focus on family planning. Doula reimbursement is another creative benefit.
Companies like Acuity Health, Capital One, and General Electric offer a reimbursement between $500 and $2000 to help cover the costs of a doula. Acupuncture is another health benefit that has been gaining popularity.
Companies such as Google, Salesforce, and State Farm offer employees discounts or free acupuncture sessions. Virtual physical therapy is a benefit that has become increasingly popular due to the COVID-19 pandemic.
Walmart now offers Tele-PT services, while Target offers virtual physical therapy sessions for employees.
Increasing Wages
Offering higher wages is a surefire way to attract and retain top talent. In a highly competitive labor market, offering a higher wage than your competitors can be the deciding factor for a job candidate.
Costco offers its 180,000 employees a minimum wage starting at $16 per hour. Amazon has nearly 1.3 million employees worldwide and has increased its minimum wage to $15 per hour.
Walmart also keeps competitive with Amazon, offering a starting wage of $15 per hour. Chipotle offered its employees a minimum wage increase to $15 an hour, helping to attract and retain employees.
CVS, Bank of America, and Starbucks all offer minimum wages starting at $15 per hour.
Conclusion
In conclusion, attracting and retaining talented employees is fundamental to the success of any company. The current labor market is competitive, and businesses need to think creatively about their recruitment and retention strategies.
Companies like Chipotle, General Dynamics, and Salesforce incentivize their employees to refer new employees to their company through referral bonuses. Target, Acuity Health, Capital One, and General Electric offer comprehensive health benefits like fertility treatment, doula reimbursement, acupuncture, and virtual physical therapy.
Meanwhile, companies like Costco, Amazon, Walmart, Chipotle, CVS, Bank of America, and Starbucks offer higher minimum wages to compete with other employers in the market. All of these companies illustrate how incorporating creative perks, higher wages, and comprehensive health benefits can attract and retain top talent.
Attracting and retaining top talent is essential for any thriving business. To overcome the challenges of a highly competitive labor market, companies need to adopt creative recruitment and retention strategies such as referral bonuses, comprehensive health benefits like fertility treatment and virtual physical therapy, and higher wages.
These companies’ examples, including Chipotle, Target, Walmart, Bank of America, and Amazon, show that investing in employee benefits is crucial for reducing employee turnover and keeping talent. By implementing these strategies, companies can create a supportive work environment for employees, boosting their quality of life and productivity.
The key takeaway is that a company’s investment in employee benefits goes a long way in attracting and retaining top talent, leading to the overall success of the business.