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With a small pool of highly sought-after talent, organizations and businesses must reaffirm their commitment to offering a positive candidate experience throughout the hiring process and delivering on the promise of competitive and attractive benefits once a candidate is hired.
Any effective approach for attracting and retaining employees relies on a good understanding of the concept of employee engagement. Finding great talent isn't difficult when employees are on the hunt for you.
Employees favor companies with good organizational cultures, competitive salaries, and opportunities to advance their careers. Providing your employees with what they need and want will help you attract and retain great talent.
The link between employee engagement and CSR
Corporate social responsibility (CSR) is now a tool for attracting, retaining, and engaging employees. Why? A growing percentage of young people want more from their employers.
Studies show that CSR initiatives contribute to increased levels of employee engagement by addressing a core demand among employees — finding meaning in their work. By promoting relevant and useful initiatives for society, employees become more committed to their work and making a difference. Employee engagement software that focuses on better world outcomes can drive ROI on ESG and CSR investment.
Why employee engagement and retention matters
Employee engagement refers to how emotionally invested employees are in their jobs and employers. It considers how motivated, committed, and connected individuals are to their jobs and the company.
Employee engagement ideas drive productivity and retention. Engaged employees stay with the company longer and give their all every day to help achieve company objectives. Engaged employees are also enthusiastic about recommending others to your company.
Employee retention is the ability of an organization to keep its personnel. According to Gallup, replacing an employee generally costs between one-half to two times their annual salary. Employee retention benefits your company's health and prosperity while saving you time, worry, and money on acquiring and training new staff.
Strategies for attracting and retaining employees
It takes strategy and effort to be known as a company where employees desire to work. To attract and retain great talent, follow these measures:
👍 Organizational culture
Maintaining a healthy culture at the workplace can be a significant factor in employee retention. A toxic culture can lead to unhappy staff members, unhappy clients, substandard work, and high employee turnover. Employee retention is greatly enhanced by a workplace culture that embraces diversity, equity, inclusion, and values open communication. An employee engagement survey can help identify issues that may be adversely impacting company culture.
🏆 Rewards and recognition
Rewarding and recognizing employees is paramount if you want to retain talent. People love a pat on the back when they have done an excellent job. Tools like eCards and GiveCards, offered through our employee engagement platform, are great ways to show team members that you appreciate them and celebrate work-related milestones.
🌟 Incentives and benefits
Offering incentives is one method to keep your employees on board and assure their sustained engagement and productivity. Benefits are clear motivators for employees, but which ones should you provide?
- Social impact benefits: Use corporate philanthropy to provide employees with opportunities to give back to their communities, like volunteer time off (VTO). VTO is a paid vacation during which employees are compensated for hours spent volunteering for a nonprofit organization. VTO policies can help retain employees who desire to make a difference outside of the workplace. Workplace giving is another highly desired social impact benefit. Employers who provide social impact experiences like payroll giving and donation matching report more committed and inspired employees.
- Bonuses: Bonus pay is money paid to an employee in addition to their basic salary or rate of pay per hour. Well-managed bonus schemes will positively impact employee behavior, increase productivity by improving motivation and assist organizations in meeting their overall goals.
- Health insurance: You may be wondering if you should provide health insurance to your employees as a small business owner. It is safe to say that a good salary is high on the wish list of most job seekers. However, according to a study by Clutch, health insurance is the most important benefit affecting employee satisfaction. Offering health insurance to your employees as a reward may make them feel less financially strained and more confident in their ability to recover from a catastrophic injury or illness.
- Retirement savings plans: A tax-advantaged 4O1(k) plan might be a great tool to attract potential employees. As an employer, matching employee contributions (up to a certain level) is a significant benefit that can incentivize staff members to stay with your company for the long term.
😀 Employee wellness
Keeping employees fit, physically, mentally, and financially, is good business. Some things your company might consider providing to employees include:
- Paid time off: Paid time off (PTO) is highly valued by employees, whether it's for vacation, illness, or bereavement. PTO is an excellent method of avoiding employee fatigue and burnout.
- Flexible work schedules: Employees highly value flexible schedules, as it helps to balance work and personal obligations. Workers raising kids, going to graduate school, commuting long distances, traveling, or juggling many jobs benefit from flexible schedules.
- Remote work options: Before the coronavirus pandemic, remote work was a global trend that has only since accelerated. Most employees prefer remote work because it allows for more flexibility and autonomy. A remote workforce is generally happier because there is no commute, no lunch rush, and limited hours away from family.
- Paid parental leave: Employees want to know that they can earn a living and advance in their careers while caring for a child. Companies that provide paid parental leave are likely to score points with top performers who plan to become parents in the future — either again or for the first time.
- Company-subsidized meals or snacks: Employees give a thumbs up to companies who help them refuel during the workday. Offering home meal deliveries or grocery stipends to remote workers could be a terrific way to set yourself apart from the competition.
