“I’ve lost a great employee!” is a familiar cry I’ve heard from friends and clients who run their own business. Whether it’s small or medium-sized, every employee counts – especially the amazing ones – so I always ask, “Why did they leave?”
They’re reciting the reason their employee gave, believing it’s a matter of a bigger paycheque.
BIG benefits not just big paycheques
Compensation isn’t just about salary. Benefits are a serious consideration for employees, especially those with families. They also help define your company’s culture and can give you a competitive advantage.
Here are three tips to keep great employees:
1. Go beyond basic benefits
Medical, dental, pension, disability … while essential, are fairly standard across companies. You have the opportunity to go beyond the basics:
• Offer an Employee Assistance Program (EAP).
• Have financial advisors come to your business to provide financial planning seminars.
• Also, think perks: time off to volunteer, barbeque lunches or ice cream days in the summer, you name it. Get creative!
2. Reward loyalty
Base your pension plan contributions on length of service. The longer your employee stays, the more your company contributes. That’s a win-win for everyone.
3. Wellness matters
Healthy employees are happy, productive employees.*
• Include wellness information and programs – diet, exercise, smoking cessation – as part your benefits plan.
• Offer personal or electronic access to professional advisors and credited health coaching.
• Consider an on-site gym, discounted fitness club memberships or starting a company softball team. Again, it’s all about going beyond the basics to help keep your employees healthy, happy and productive.
In the end, you don’t have to break the bank to include benefits that not only keeps great employees, but attracts them too.
* Schachter, Harvey. “The business case for healthy and happy employees.” The Globe and Mail 29 May 2014. http://www.theglobeandmail.com/report-on-business/careers/career-advice/life-at-work/the-business-case-for-healthy-happy-employees/article18877107/
Bill McElroy, BA, CIM, CFP is President of The William Douglas Group Inc. and a Senior Financial Advisor with Manulife Securities Incorporated. In 2014, Bill was named Canada’s Top Financial Advisor in Canada by Wealth Professional Magazine and was featured in their inaugural ‘Hot List’. He was also recognized as an advisor who has reached supreme achievement in the industry and been awarded Manulife’s Five-Star Master Builder. The William Douglas Group Inc. was recognized as the Best Boutique Business Consulting Office in Canada by Wealth and Finance International. Bill is pleased to share his knowledge and more than 25 years’ experience with business owners in his blog series.