Low unemployment is making it difficult to keep and find good employees. People now need to be coaxed, cultivated, and inspired in order to join a new company or stick with their current organization. However, companies that think carefully about how to create experiences to meet their employees’ needs will flourish in the future.
39% of employees satisfied in their jobs today still consider jumping ship because of a perceived lack of career opportunities, according to Mercer’s 2018 Global Talent Trends Study – Unlocking Growth in the Human Age!
“Organizations typically pore over compensation and benefits numbers, yet it is often the actions beyond direction compensation — such as promotions, career opportunities and aligning jobs to greater organization purpose — that have a greater impact on business outcomes.” said Mary Ann Sardone, Partner and North America Workforce Rewards Practice Leader at Mercer.
Understanding which elements make your company competitive can mean the difference between keeping and losing existing and new employees. Employers should consider the following elements:
1. Rewards beyond a paycheck.
Do you have a compensation package that allows your employees to feel healthy, supported and energized, personally as well as professionally?
a. Make career opportunities clear, transparent and flexible.
b. Support your employees’ lives outside of work with well-being programs that bolster physical, financial, emotional and social health.
c. Create a connection between the work and the organization to attract employees that are motivated by contributing to a larger purpose, not just by a job.
2. Making it personal.
Employers can utilize a variety of techniques to learn more about their employees’ personas. For smaller employers, it might be as simple as offering an annual online survey asking about the importance of health memberships, flex time, remote work capability, charitable giving, job growth, bringing their dog to work, etc. Larger companies may want to purchase employee portals or digital career-pathing software to enable individualized choice based on the needs of each employees’ values.
Employers that shift to offering what employees truly value and embrace a total rewards program experience will be able to build a workforce for the future.