Employees Will Jump Ship If A Better Offer Comes Along, What Can You Do to Retain Top Talent?

A recent study by JobVite revealed a characteristic of employees many bosses don’t want to face; their employees are open to other job opportunities. At a time when company culture and teamwork are hot topics in the workplace, it seems almost rude for people to leave for money. However, this study and others show the one thing people look for the most when choosing a new job is a better salary.

To make matters worse, the loss of a key employee at a company has a tremendous impact on a company. Besides the loss of the employee and their skill set, the company has to recruit and hire a replacement. This is an expensive and time-consuming task.

If you are lucky and have a human resources department, then you will have a team ready and able to conduct the replacement search. If you don’t have an HR team, you’ll have to recruit people and resources for a new employee.

Here’s How To Prevent The Loss Of Your Best Employees
The study by Jobvite revealed most employees aren’t tempted by only one benefit but by a package of benefits. In other words, you can’t keep top employees by only paying them a lot of money. You have to offer them excellent benefits and a great place to work In addition to a competitive salary.

The best way to find out what your employees really want is to use your human resources department to conduct surveys and interviews of your employees. Try to discover what it is they really appreciate about your company and what they would like to see changed.

If you want to go an extra step with your recruiting and retention efforts, go one step further and try to learn why potential employees choose not to join your company. Why did job seekers go to other companies?

This Information Is Hard To Obtain But Enlightening
If you don’t have a human resources department, consider appointing human resources tasks to a group of individuals to help cover all the functions. This step provides your employees with a central hub of knowledge and help. If you have plans to expand, a human resources department will be a necessity.

What Should You Offer?
Here are the benefits your company should consider offering. This is based off what people said would be tempting to them to change jobs.

• Higher salary
• The potential for growth within the company
• They expect a seamless hiring experience
• A robust company culture, over a third of respondents to the survey said they would take less money for a better working environment.
• A strong health benefits plan
• 401k plan with matching
• Bonuses and stipends

These benefits are what the respondents in the survey said they wanted. However, that doesn’t mean your employees wish for the same things. This is why it’s essential to utilize a human resources department and learn what is working for you, and what needs to be changed.

Flagler Financial is a boutique insurance agency located in Central Florida. We care about the growth and success of our clients because we understand that when they succeed, we all succeed.

If you have any questions about this topic, we encourage you to contact us to learn more about how we can help your business.