In today’s job market, employees want to feel that they are working for an organization with true purpose, and one that satisfies their needs for growth and fulfilment. In the US today, the workforce is made up of fifty-six million millennial generation workers. One key characteristic of this group, is a tendency not to see a job as being for life, unlike in previous generations. Twenty-one percent of millennials switched jobs in 2021, and this pattern of changing jobs, poses a challenge to employers. An employer must be seen to offer a comprehensive package of benefits to its employees in order to retain more of them over longer terms.
Here are just some of the key traits that make great employers – bosses who are more likely to attract and retain staff for much of their working lives.
No matter how good the working environment is, if an employer does not pay its employees a competitive salary, they are unlikely to stay with the firm for long. The main reason most employees go to work each day, is to earn an income that allows them to build a life for themselves and their families. If a salary offered by an employer, is below that of similar work in the same sector, it is inevitable that employees will eventually take their expertise to competitor’s organizations. Conversely, if an employer offers better than average salaries, they are likely to attract more capable and productive workers.
The renumeration packages paid by companies, can therefore be seen as a true reflection of the respect an employer has for its workforce.
Comprehensive employee benefits packages
An excellent employer will offer its employees, a comprehensive benefits package as part of the job offer. This will include health insurance, pension contributions and paid time off work for vacations etc. Some high performing organizations, actually employ the services of third party firms for their benefits administration, to ensure efficiency, clarity and consistency of implementation of employee benefits packages, across the workforce.
Some companies will offer additional benefits over and above the standard packages, including such perks, as a paid day off for birthdays, cycle to work schemes, or even partner with third party organizations to offer finance schemes for vehicle hire. While some benefits are clearly more important than others in the minds of employees, a company that offers a range of attractive benefits to its workforce, is expressing the esteem in which it holds them.
The potential for career development
Many employees want to see a clear path for personal progression in their organization, so that they can forge a long-term career and gain pay rises as they undertake more senior roles. A great company will understand this and will offer a variety of training and career development packages that are designed to offer routes for promotion within the firm. In addition, an organization that offers a range of senior job roles to internal applicants, rather than recruiting externally, is demonstrating that it places value on in-house career development and progression.