5 ways to attract engaged employees to your business

In today’s business world, attracting and retaining talented employees is extremely difficult. More and more employees are feeling the pressure of rising costs, the threat of technology-driven turnover, and a lack of respect and loyalty from their employers. This is creating a shift in the way companies need to operate to successfully retain and recruit employees.

Here are five things you can do to attract and retain talented, engaged employees to your business.

Related: How to attract and retain top talent

1. Nursing care benefits

Employees have a lot on their plate outside of work. Caring for children is always a balancing act for workers. However, this is becoming increasingly difficult as the current economic climate often requires both parents to work. In the United States, the average cost of child care is approximately $15,000 per year. Rising childcare costs are forcing many employees to choose between their careers and raising children.

Companies that offer benefits such as on-site child care, flexible spending accounts (FSAs) for dependents, parental leave policies, and discounted babysitting services can reduce stress and increase engagement for their teams. .

Companies also need to recognize that some employees don’t have children, so adding benefits like pet insurance and elder care can be a great way to make sure everyone feels included. That’s an excellent method.

2. Focus on employee health and mental health

The global economy loses approximately $1 trillion each year to lost productivity due to burnout, depression, and anxiety. The reality is that more and more employees are suffering from mental stress as a result of economic uncertainty, global instability, and technology addiction.

Employers who recognize this are in a position to support their employees. This not only increases productivity, but also fosters loyalty among employees who genuinely believe their employer has their best interests in mind.

Nowadays, employees are required to take on tasks that used to be carried out by two or three people. While it is wise to make the most of resources, entrepreneurs must ensure that they are not creating unintended consequences for their business.

One of the most important factors for employee happiness is work-life balance. Businesses can reduce stress by ensuring their teams have the right resources available and feel able to unplug and recharge in moderation. Entrepreneurs should carefully assess whether they are overburdening their employees and ensure that work is distributed evenly. Additionally, firing employees who are not fulfilling their roles improves morale and productivity within the remaining team.

Related: 8 Ways to Promote a Happy Employee Environment

3. Job insecurity

Layoffs seem to be in the news every day. Some of these losses are the result of economics. For some, it is a result of job losses due to technological advances. If employees feel uncertain about the future of a company, they are more likely to leave and not risk staying until there is no longer a job available.

Unfortunately, there is a growing culture where employees feel like disposable resources and are disloyal to their employers. Entrepreneurs can change this narrative and retain their employees by staying proactive. Open and transparent communication provides a comfort level for anxious employees. Companies can also offer incentives such as severance packages or extended termination notice periods to give employees peace of mind that they have some protection if the worst happens.

4. Re-evaluation of compensation package

Cosmetics retail brand Sephora has recently been in the news a lot for “rewarding” employees with cookies for helping the company reach its $10 billion revenue goal. With rising inflation and the increasing cost of living, pizza parties and gift certificates are no longer enough to keep employees. This forces employees to find new jobs and seek better compensation elsewhere.

Employees are quickly realizing that loyalty is no longer rewarded. Why do employees insist on getting a 3% annual raise when they could get an additional 10% by changing employers? Companies focused on paying market rates to existing employees reduces the risk of employees pursuing more favorable salaries at other companies.

Related: Employee Retention: 4 Tips to Retain Your Top Talent

5. Address toxic culture and work environments

Employees want to work in an environment where the entire team is united around a common goal. Unfortunately, the average workplace is full of toxic cultures and poor leaders. Employee referrals are one of the best sources for acquiring new talent, so a bad culture will not only keep good employees away, but it will also reduce your chances of finding quality talent.

This is especially true in an era where employees have access to employer reviews on sites like Glassdoor. The key to building a better culture is to listen carefully to what your employees are saying about your company. As an entrepreneur, promoting a healthy and desirable culture starts and ends with you.