Without the right benefits in place, your business might lose bright people to companies that promise to take better care of them.
Employees are more concerned about their professional and personal development than ever before. On average, Millennials, our largest living generation, are more likely to seek out growth opportunities than their preceding generations. For businesses, this translates into an urgent need to invest in engagement initiatives that promise to boost employee retention.
Against the backdrop of unemployment rates nearing a 50-year low, employees also hold a special kind of leverage to demand a certain kind of experience. In an employee marketplace, companies that seek to foster work satisfaction and reduce employee turnover can massively benefit from working with a PEO. These are some highly effective ways in which they can help:
Place the right people in the right roles.
Today, about one-third of new employees leave their jobs within only six months of being hired. These departures are problematic for employers — they disrupt workflow, impact relationships, and cost big bucks. Replacing a mismatched employee can cost up to 50% of an entry-level employee’s annual salary. Ouch! That’s why getting your recruitment game in order is a must.
Give them the resources they need to succeed.
After you’ve found the best person for the job, make sure they have all the tools they need to excel at it. Overall, companies with solid onboarding, culture and training programs report much higher employee engagement and time-to-productivity ratios. Employees who work hard and stick around translate into increased company stability — they put you in the right path for success.
Keep them from fantasizing about greener pastures.
A big challenge that businesses face is offering a competitive benefits package — most employees view these as a major contributor to their job satisfaction. Without the right benefits in place, your business might lose bright people to companies that promise to take better care of them. A PEO can help you beat the competition by offering more value to your team members.
If you’d like to see improvements in your company’s employee retention, performance and productivity — while also curving your HR and administrative costs-, then working with a PEO might be the best option for you. Call us today to find the one that best matches your needs.
