Effectively communicate to your current and future employees the total value of the compensation and benefits you provide with a total rewards statement and realize better employee engagement and performance.
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It’s no secret – companies want the best talent. Unfortunately, this means the best job candidates often have plenty of options. They’re either interviewing at cream-of-the-crop enterprises, sizing up other exciting endeavors or – gasp – already have a lucrative job. How do talent-hungry companies make themselves stand out when they lack the resources and appeal of giants like Google or Facebook?
Jan Tegze, Senior Recruiting Manager at SolarWinds, thinks an employee value proposition might be the solution. An employee value proposition (EVP) showcases why talent should work at an organization, often incorporating elements like workplace culture, company vision and cash (and non-cash) compensation packages. When implemented correctly, an EVP can have major pull when it comes to luring in top talent.
Companies are making major strides when it comes to innovating workplace culture – some are even injecting their companies with a little eastern philosophy! Still, unhealthy workplaces exist, and to prevent their organizations from suffering costly employee churn and gaining a bad rap on Glassdoor, business leaders need to know when their workplace culture is taking a turn for the toxic.
TalentCulture founder and CEO – and TotalRewards friend! – Meghan M. Biro recently listed the four signs of a toxic workplace. Take a look – hopefully you don’t spot any of them at your company!
Do your lower-level employees tend to stay for a few months and then bolt? That may be a sign your culture is missing something, especially since entry-level workers tend to be millennials who often crave different workplace values than their older colleagues.
2. Fruitless Recruiting
The job market is hectic and there are literally millions of job openings. If you’re an organization that’s struggling to fill positions, is it really that all the best candidates are taken, or could it be something about your company, employer brand or candidate experience is turning them away?
3. Grumpy Workers
Water-cooler gossip may shed the greatest light on a workplace culture’s deficiencies. Are employees generally happy? What do they complain about? Do they feel undervalued? Business leaders may be able to learn a lot about their organization by loitering around the water cooler more often.
4. Stuck in the Status Quo
Are new processes and organizational changes met with resistance at your company? This could be a sign that employees don’t trust their employer or may even feel their company isn’t looking out for their best interests. Either way, too much resistance to change is a sure-fire sign of a toxic workplace culture.
Developing a positive workplace culture takes time, and there’s no set formula for accomplishing it. Forward-thinking companies are acknowledging how important culture is to today’s talent, identifying shortcomings within their organizations, and implementing solutions that lead to higher engagement and retention.
It’s an age-old question amongst managers and HR teams: “Why do good employees quit?” Unfortunately, many organizations get so wrapped up in rooting out the source of discontent in their workplace that they spend less time actually addressing retention issues. In reality, some of the smallest shifts in company culture, employee motivation tactics and compensation can have the greatest impact on talent retention.
Here are four powerful HR retention strategies that often get forgotten, overlooked or downright unconsidered:
Promote from Within
Many companies have a tendency to immediately look outside their own walls when it’s time to fill upper-management roles. However, this tactic can send shockwaves of negativity and dissatisfaction throughout the workplace, driving ambitious employees to feel unvalued and unwanted.
Hold “Stay” Interviews
The “exit” interview is a standby in the workplace. But what may be even more valuable for companies are “stay” interviews, where business leaders can pick the brain of longer-tenured employees in order to learn more about why they have stuck it out with the organization.
Invest in Employee Development
If employees feel they’re getting better at their job, becoming more knowledgeable and learning new skills, they’ll be more likely to stay with an employer. That’s why it’s important for companies to foster an environment of learning inside their workplace. How? Training classes, skill workshops and tuition reimbursement programs are great places to start!
Sometimes the littlest benefits can make all the difference when an employee weighs whether to stay at their current job. Perks like “casual Fridays”, “donut Mondays”, free dry-cleaning pickup, and discounted gym memberships may not seem like much, but they may be the benefits that stand out the most on an employee’s total compensation statement.