Live to work or work to live? This question has been utilized to characterize workers for decades, but it has become more ambiguous in 2022. Employees agree that benefits, compensation, growth opportunities, and a work-life balance are integral in determining whether or not to stay at a company.
To survive the Great Resignation and Quiet Quitting, employers everywhere have one solution: increase compensation. But unfortunately, while offering a competitive salary is a necessary component in the game of attracting and retaining, it simply is not enough in today's competitive hiring market. With our five strategies, you'll have a leg up on all your competitors going into the new year.
It's all about the culture
According to 22 percent of employees, company culture is a top driver for choosing a company. However, improving culture doesn't necessarily mean having fun and games but instead implementing measures that care for your workforce mentally and physically.
When observing your company culture, one must ask yourself one question: Am I putting my employees first? In a people-centered work environment, diversity, equity, and inclusion (DEI) are pillars that the company must build its PTO policy to ensure everyone in the office receives the same respect regarding their time off.
Of course, you can't talk about attracting and retaining talent without talking about money. Offering fair compensation not only signals to employees that they are valuable but also that they have an opportunity to grow and thrive. Before giving everyone in the office a raise, consider what a proper salary entails:
- Covers the cost of living. Whether it be food, gas, or housing, a salary must allow an employee to live comfortably.
- Appropriate for the type (and scope) of work. Depending on the type of work and responsibilities, compensation has room to vary.
- Relevant for an employee's level of experience. An employee with a great deal of experience is a valuable investment–especially in the hiring arena.
Offer a work-life balance
Implementing a work-life balance into your business isn't a one size fits all kind of solution. Luckily, there are several options that you can offer to your employees as a way for them to improve their life outside the office.
Employees have the power this time around, and they're not going to settle when it comes to flexibility. If a remote or hybrid work model does not work for your organization, try a results-only working environment, better known as ROWE. In this model, employees work autonomously while still providing results for the company. Instead of a manager dictating employee working parameters, the focus is primarily on whether the work fulfills the company's request—no matter where or when employees work.
Is there room to grow at your company?
Think about your current workforce and all the unlocked potential they each inherit. As an employer, you want to ensure that you utilize your employees' talents appropriately; otherwise, they may find another company that will better use their capabilities.
With talent mobility programs, companies can fully comprehend an employee's career aspirations, skills, and experience. Without career development, employees feel like there is nothing left for them at a company, causing high–and costly– turnover rates.
Mentorship programs are also a great idea for giving your employees a sustainable future at your company. Through mentoring, employees can honestly assess how they can extend their future at their current company and, if so, what they need to do to get there.
Benefits: The secret weapon?
In the battle of attracting and retaining employees, benefits are the secret weapon–especially a life planning account (LPA). Make sure to communicate with your employees to determine what benefits they would like the most, whether for the gym, child/adult care, or counseling.
However, especially in a multigenerational workforce, it can be hard to find benefits that genuinely cater to each individual. What if employees had the option to turn their unused PTO into something more beneficial? Whether it be travel, retirement, or even charity, allowing employees to do what they want with what they've earned can distinguish your business from the competition.
Let's settle this debate
There is no right or wrong answer in the live-to-work/work-to-live debate. However, by making your organization people-centered, you'll win the war in attracting and retaining talent for years to come. Learn more about how PTO Exchange’s flexible benefits program can make you a standout amongst the competition by requesting a demo of our platform.