Businesses attraction and retention of best employees.
According to the Small Business & Entrepreneurship Council, the growth in real total trade (exports plus imports) equaled 46 percent of the United States’ economic growth from 2000 to 2014, with real exports equaling 23 percent of growth over the period. International markets are increasingly important for the growth of U.S. small firms. How might today businesses attract and retain the very best employees around the world by adopting a global benefits strategy? Support your response through examples and evidence.
Every employer wishes to enlist talented employees, especially for positions that are integral to performance and growth. Before hiring these employees, a company first needs to attract them to their business. The following list consists of different ways that companies can attract the best employees to their organization.
Having a positive workplace culture can be one of the reasons prospective employees are drawn to work at a company. A study conducted in 2019 showed that company culture was the second most important aspect in job-offer evaluations behind salary. To help attract more prospective employees, workplace culture should be included in the job description. Creating a unique or positive image of a company will help attract the right people from the start.
78% of companies offer health insurance, with slightly fewer offering dental, vision, and other basic benefits. With more companies offering these benefits, it has become somewhat of an expected standard; 92% of employees stated that having benefits are important to their job satisfaction.
Companies with more appealing benefits such as gym memberships, maternity leave, PTO, and 4-day work weeks should make it a point to advertise these perks. Making these benefits more noticeable can increase the probability that potential candidates will compliment a company’s work ethic.
35% of employees worldwide believe that their job is harder than it should be due to outdated processes and technology. There are often bespoke solutions and resources available to simplify common processes or business needs, no matter how niche the industry or marketplace. For instance, a business such as a cleaning company can have its operations streamlined by using cleaning scheduling software or field service software to set up tasks, fill out employee calendars, and ensure a balanced workload.
By advertising the use of current software, prospective employees may feel more inclined to seek employment with a company. Applicants can see how their daily routines will be aided by software and other modern resources, rather than seeing an archaic series of processes they will have to learn to survive. Ultimately, using modern technology helps businesses better serve customers and clients as well as making employees’ lives easier at work.
Outreach messages are an important facet of recruiting the right candidates. If there is a specific person or group of people that could be a great fit for a company, it is important to reach out to them rather than waiting for them to reach out. Setting up career fairs, sending emails, or scheduling meetings can be a great way to inform the candidates of both your company’s goals as well as its interest in them.
Referral bonuses can be an excellent source of quality candidates. According to a study by Careerbuilder, 88% of employers rated employee referrals above all other sources for quality of hires, and 82% rated employee referrals above all other sources for return on investment.
Employee referral programs encourage employees to source their existing social and professional networks to provide candidates for incentives. The incentives offered can range from cash bonuses, gift cards, or can even paid time-off. These programs can also increase employee morale by allowing the employee to be more involved in the hiring process, while outsourcing the filtering of candidates to trusted employees.