Saturday, August 15, 2015

How to Retain Top Talent (It's not just Cash)

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August 2015
How to Retain Top Talent 
(It's Not Just Cash)

Our newsletter is designed to share stories, ideas and resources that are helpful to small, growing companies. Please freely circulate this email to your customers and colleagues.  

According to ERE Media, an information source for HR, talent acquisition and recruiting professionals, it is estimated that the financial impact of hiring a top performer is 10-100X the person's
compensation. Since limited compensation growth is a reality in many sectors of the economy, a highly competitive benefits package can make the difference in bringing top talent on board who will help build your business. It's why HR professionals should view their benefits plans as a critical tool in their efforts to recruit and retain quality employees.
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As to what type of benefits are most valued, a recent study by the Society for Human Resource Management (SHRM) indicates that health care continues to be the primary offering. However, with many companies now passing along more of the expense to employees, other benefits have become especially important. They include retirement savings and planning benefits; leave benefits; family-friendly benefits; flexible working conditions; and services for employees (e.g., personal shopping discounts, on-site cafeterias). Click here to view an infographic on what the future holds in benefits for employees according to the study.

For small, growing companies, there is also the consideration of non-monetary rewards to retain your best workers. Here are a few:

Recognition. This ranges from verbal praise - the more specific the better - to awards. A reserved parking space for one month, mention in the company newsletter, or lunch with the CEO are the kinds of awards that have shown to make an employee feel valued and appreciated.

Professional development. Employees who are hungry to learn and grow will appreciate the opportunity to take education classes and workshops, even online, at the company's expense. To get further mileage out of such programs, encourage participants to share their takeaways with their team or the entire company if appropriate.

In addition, don't overlook employees' need to feel secure and important. Make sure you know the contributions they make, solicit their input about improvements, and take steps to ensure they view their work as meaningful. Brad Remillard of IMPACT Hiring Solutions is an author and executive recruiter with 30+ years of experience, working with both Fortune 500 and entrepreneurial companies. With candidates, he and his partner are primarily concerned with non-monetary issues. While compensation is important, he says, it isn't typically the reason they will listen to a recruiter. "When potential candidates decide not to listen to a potential opportunity, it is generally that they have a great relationship with their boss and love working at the company."

For more than 15 years, Liquid Capital has provided AR financing along with credit and collection services and cash processing. Today we offer a variety of other ways to generate working capital. To learn more about how we can help, please visit our website or contact me by phone or email.
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