As your business expands into new ventures, one of the most important realizations that you will develop is that you need to be able to retain talented employees. Talent can be described as the capability of an individual to perform a set of actions or their capacity to perform a wide variety of different activities. Employees that stay in your company for a significant period of time develop the talents necessary to do their job quickly and effectively. When they leave, their replacement may take some time to obtain the same level of skill with the interim period showing a significant drop in overall performance. It is with this in mind that some companies in Mt. Prospect are approaching employee benefits specialists to help them in developing the right kind of strategy to retain their employees.
What Makes Employees Stay?
Employees within a company are motivated based on two distinct factors: intrinsic and extrinsic methods of motivation. Intrinsic methods of motivation are influenced by how employees feel about their job and how it matches what they want out of life. For instance, people that work at charity centers often do so because they feel a sense of fulfillment when it comes to assisting people despite their low pay. Extrinsic methods of motivation are centered on the external rewards that people get when it comse to their jobs. This can encompass benefits, salaries and bonuses given to employees based on performance or due to company procedure. Under this form of motivation, employees stay because they feel that the financial rewards are good enough that they don’t want to leave.
Present Generation of Employees
The present generation of employees are more interested in benefits rather than stability or fulfillment when it comes to their jobs. This is in part due to the 2007 financial crisis as well as the growing “war for talents” wherein small, medium or even large scale companies are competing with each other for talented employees by presenting them with benefits that would entice them. This shows that need for companies to approach the necessary specialists to assist them in developing the needed benefits to not only convince their current employees to stay but to also convince talented employees to come and work for them.
All in all, providing the right benefits can make or break a company; as such, you need to think long and hard about what sort of benefits you can reasonably offer to entice your employees to stay.
For more information on the different types of employee benefits you can implement, please visit the website of Benefits AGE.
