As of January 2020, the national unemployment rate sits at 3.6%. With much of the labor force employed, it’s safe to say it’s a job-seekers market as workers have more freedom to pursue the job opportunities they really want. So, employers have to pull out all the stops when finding ways to attract and retain employees. But, what exactly does that entail? We’ve compiled a list below of five ways businesses can increase employee retention and attract new employees to their company.
Offer Unique Perks
Even businesses operating on a smaller budget can offer additional perks to attract and retain employees. Small businesses likely won’t be able to provide free meals or decompression capsules like Google, but they can still get creative with employee perks. Whether it’s an employee discount at local establishments, 4-day work weeks, bring your dog to work day, or a combination of things, extra benefits make employees feel valued.
More and more workers are striving to establish a positive work-life balance, which often starts in the workplace. Companies that have recognized this shift and have begun to offer flexible work environments are automatically more appealing to employees. Not only does this help companies attract and retain workers, but it also improves employee happiness and productivity. Achieving flexibility in the workplace doesn’t have to be complicated, either. Solutions can be found by working with current employees to identify common pain points and establish a resolution.
Practice Effective Leadership
There is a distinction between bosses and leaders. Bosses are known to manage their employees, whereas leaders inspire employees to think outside the box, be creative, and reach their potential. While management is a necessary piece of any business, it’s important to remember that employees leave managers, not companies. Blending the roles of boss and leader is a great way to form positive relationships with employees while driving results.
Invest in Continuing Education
According to research findings by the Consumer Technology Association (CTA), one of the top ways to retain employees is to offer high skills training and professional development programs designed to improve soft skills. Providing employees with additional training, mentoring, and development opportunities keeps them engaged and shows that you are invested in helping them grow with the company. Sharon Florentine, writer for CIO.com, echoes this sentiment in a recent article. She writes, “Promoting from within not only provides a clear path to greater compensation and responsibility, it also helps employees feel that they're valued and a crucial part of t