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.
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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