Finding the best employees is a challenge regardless of how successful an organization is. Exceptional employees know their value, so exceptional tends to mean expensive.
The question? How do you land and retain talented employees that could revolutionize your company when you don’t have a blank checkbook.
We believe that the following six cost-neutral strategies will see you land, hold and develop your army of exceptional employees.
1.Company Culture
Culture is key. When looking at your workplace culture, the first question you should ask is would you want your best friend, spouse, or son or daughter to work here.
Very few people will skip to the office on a Monday morning, but all employees will want to work somewhere where there isn’t a daily dose of office politics, blame culture, and poor internal communication.
Strong leadership isn’t the preserve of driving revenue and business expansion. Creating and nurturing a culture where everyone can be open and honest with each other, and where the office is an enjoyable place to be, should be the first leadership task of any company’s management team.
2.Job Title
Don’t underestimate the power of a job title. Employees do care about the optics, and having a job title that reflects their role and impact on your company is something that employees do really care about. If you’re attempting to land that really great candidate, the authority associated with a more senior title could make all the difference and get them on your team.
Don’t feel compelled to stick to industry-specific job titles, and if a key employee’s job function has taken them outside of their initial title space, make sure that you reflect that in their job title.
3.Training
Engaged employees don’t want to be pigeon-holed into a specific area. They understand that learning new skills is a foundation stone of a rewarding career.
Training doesn’t have to take the form of subsidized MBAs and university degrees. It can simply revolve around workshops with fellow employees, partners, attending industry events, working in different locations, or a formally designed mentorship program.
Training programs may impact your employee’s productivity and billable hours, but you’ll earn that time back as employees will generate new skills and networks that make them more efficient and happier in their jobs.
4.Communication
Open and honest communication is the easiest approach to life, although it is something that tends to exist academically in most working environments.
When employees feel that they are in a safe environment, they will have the courage to be open and honest with fellow employees, managers, and business stakeholders. Fostering that environment is something that will have a positive impact on staff retention.
5.Flexibility
Life isn’t black and white, and expecting your employees to be fixed to their desks is a practice that is dying out.
Balance and flexibility in terms of annual leave, flexi-time, remote days and reduced working hours are all key drivers for the modern workforce. Allowing employees to work from home, or not having mandated set work hours, can dramatically simplify and improve your employee’s life.
6.Employee Equity & Profit sharing
Naturally, we are huge exponents of the power of employee equity and profit-sharing.
We believe that employees who own part of the business they work in are going to care more about its performance and its profitability.
For a start-up, securing the services of that star hire who has been there and done that, can be brought about with the correct approach to Employee Equity.
If you’re in a growth phase, granting employees who have played a vital role in pivoting your company with Long term stock incentives or ESPPs is a tangible compensation award that they will all appreciate.
Finally, whilst a salary packet is important, the most important thing you can do is make sure that you give your employees meaningful work, and provide them with the resources they need to be successful.
Employees need money to pay the bills, but they want to feel valued and respected at work. By following the steps above, you’re going to find it far easier to retain and attract those exceptional employees.
If you’re looking at employee stock ownership, make sure you talk to us.
Please Note: This publication contains general information only and J.P. Morgan Workplace Solutions is not, through this article, issuing any advice, be it legal, financial, tax-related, business-related, professional or other. J.P. Morgan Workplace Solutions’ Insights is not a substitute for professional advice and should not be used as such. J.P. Morgan Workplace Solutions does not assume any liability for reliance on the information provided herein.
