If you want to attract top talent to your company, you have to care about your employees happiness. In fact, your company culture matters more than salary when people are considering joining or leaving your company. There are a ton of trendy perks companies are providing for their employees nowadays, but not all perks are created equal. Which ones are the most meaningful to your employees and ultimately your company’s success?
Internal Referral Bonuses
The great thing about internal referrals is that you’re taking someone you (presumably) already trust (i.e. your current employee) and having them provide you with someone they would vouch for as a potential employee. When your staff refer someone to an internal job, they understand that how that person performs is a reflection of themselves. They’re only going to give you candidates that make them look good. What you end up with is quality candidates who are more likely to fit in with your existing company culture. The referrer ends up with some extra cash, a lot of gratitude, and another friend at work who’s also going to add a lot of value to the team. Allowing current employees to help build your future workforce communicates trust to your staff, instills a sense of personal responsibility to internal teams, and it makes you less dependent on external recruiters who aren’t personally vested in the company’s long term success.
Turnover is costly for any employer. It’s better to lose an employee to a different department, than to a different company altogether. When managers block transfers because they don’t want to lose/replace them, your employees feel stunted. Its important to empower your employees to create their own path within your company. Otherwise, you’re keeping otherwise well performing employees in roles where they aren’t happy. Eventually they will feel forced to leave if they want to achieve their personal goals, and it will be more bitter than bittersweet.
Vanpools and Subsidized Transportation to Work
Getting to and from work, especially during rush hour, is a headache, and for many, it’s expensive. It might seem like a small gesture, but helping your employees get to work in a more cost effective way alleviates a lot of stress and starts everyone off on a better foot each morning.
Town Hall Meetings
Town Hall meetings aren’t just about informing your employees of the high level goals and performance of the company, they’re about utilizing the people you have working in the trenches everyday as a resource for valuable feedback, ideas, and insights that managers/executives may not be privy to on a daily basis. Creating a space for employees to communicate across team lines motivates everyone to bring their best ideas to the table, as well as inspires cross-functional collaboration to tackle issues.
Reporting internal issues is not as easy as it should be. Often times employees feel intimidated, embarrassed, or afraid for their job if they speak up about something negative happening to them or their team. Confidential outlets for employees to voice their concerns lead to more honest disclosure, which means as an employer, you have more genuine insight into your company and are able to fix issues quickly and effectively.
Sponsored External Training and Development
What better way to create a more skilled workforce than by encouraging your employees (via sponsoring them) to educate themselves? Give your employees a budget for personal growth. Their teams will benefit from their new skills, your employees will feel more engaged in their own professional growth, and the company will acquire expertise without needing to make new hires to get them.
Just because your employees leave, doesn’t mean you have to lose them as connections. If you organize an Alumni group, you can utilize your former employees future growth as a source of business as well as potential hires.
Social Responsibility Programs
People want to feel like they are providing some good to the world, or at least not causing any harm. Creating a culture of social responsibility encourages employees to think about the company’s role in the world from a larger perspective, and employee initiatives that come out of these programs can often times put the company’s overall image in a more positive light with their consumers, investors, and the general public.
Matching contributions is a great way to show employees that you’re as invested as they are. Some employers match their employees’ personal donations to charitable organizations, others match their employees’ 401(k) contributions. Matching contributions makes employees feel that they are getting exactly what they give, which only encourages them to give more.
Having access to training documents, benefits information, internal job openings, company updates, and any general information that everyone within the company should know so they can be on the same page is important. New hires are able to get up to speed more quickly, and existing hires are empowered to answer their own questions. Intranets are also useful for making remote employees or ones working at home feel more clued in on the happenings back at headquarters.
Implementing all of these benefits tomorrow might be unrealistic, but considering these and other benefits for your employees is crucial to attracting and retaining key members of your team. It’s also important for developing the best employees possible out of the people you have. Without the best people, your company won’t be able to achieve its highest success. Make sure your employees know just how much they mean to you.