Plain and Simple: Bright Business Insights Spring 2019 | Page 2

DO YOU KNOW WHAT YOUR EMPLOYEES WANT?
The New Approach To Employee Retention
The manufacturing industry has had a great run of it lately. But and retain talent against larger or more established businesses, your
sometimes, success is accompanied by growing pains. Specifically, mindset must become one that prioritizes short- and long-term financial
in this industry, the pain of attracting and retaining top talent doesn’t wellness.
seem to be easing up.
Because recruiting and employee retention is so vital to sustaining
company growth, you may be looking for new ways to encourage
new hires to come through the door. In the past, the solution was to
attract workers with benefits and compensation and slap on the “golden
handcuffs” to hold on to them. Unfortunately, this tactic appears to
have lost its effectiveness. This article will encourage you to think
These days, an employee benefits package is pretty much a requirement
for job-seekers. Consider one that includes a 401(k) plan, insurance,
paid time off and holiday pay. When you demonstrate your commitment
to helping your employees save for their futures, they are likely to be
more productive and inclined to stay with your company for the long-
term. And, as you already know, decreased turnover directly impacts
beyond the traditional compensation model in your quest to grow and the bottom line.
develop your workforce. Benefits Drive Results
Beyond The ‘Golden Handcuffs’
According to a recent survey by MetLife, 3 in 10 employees report they
The term “golden handcuffs” refers to the financial incentives would be willing to trade a higher salary for better benefits. And, when
employers offer to key employees in an effort to discourage them from asked about which benefits their employers should offer, respondents
leaving the company. But with so many companies looking to fill open answered that, overall, benefits should play a central role in helping
positions, employee well-being and workplace satisfaction are now them achieve their personal and work-related goals while helping
tipping the scales when it comes to determining whether your workers to address primary stressors, particularly around personal finances,
will stay or go. retirement and their family’s health.
It’s a job seeker’s market, and your prospective employees can afford “Traditional benefits – such as retirement, medical and dental insurance
to be a little picky when choosing which company to work for. This – are highly valued by employees and help manage common needs and
means that your benefits package may become the deciding factor expenses,” said researchers. “They – along with supplemental benefits,
in whether they accept or decline your job offer. In order to attract
such as accident and health insurance, life insurance and disability