Today’s business environment has become increasingly competitive for talent in the past few years. . . talent that exists in all 50 states. Owning a business and staying on top of geographical-specific (county/city/state) compliance, federal compliance and also aiming to be an employer of choice creates tough decisions for business owners on where and how to focus their time.
Many organizations face higher than expected voluntary turnover, overall absenteeism and competition with other organizations for talent. This causes business owners to focus on their company culture and employee-centric benefits. Some important areas where business owners should think about are these impactful Human Capital strategies. For example, are their leaders able to communicate effectively with their employees? Are employees motivated and engaged in their day-to-day activities? Does everyone understand what is expected of them in their role and does their leader provide coaching to promote high performance? What is keeping employees loyal to the organization instead of chasing a higher salary elsewhere?
These questions usually lead to a discussion on how to better invest in your Human Resources strategy. Even though an organization think they are a “small business,” it is still important from both a compliance and “best place to work” mentality, to plan out a core, foundational Human Capital structure. Top notch services and products are key to any business, however, attracting, retaining and developing employees is a huge piece of owning a business. From affordable benefits, to employee policies/handbooks and motivational leaders that act as an extension of an business owner’s mission, vision and values are key components that should be thought about ahead of time instead of organic creation that falls into place out of necessity.
Business owners should take a look at their workforce and put themselves in their employees’ shoes. What would they wish their employees were saying about working for their organization. Is it the way the company takes care of its employees, that their colleague brought them onboard because of the amazing culture, or is it because they just don’t feel like looking for another job at the moment? No matter how many employees work at an organization or how much money a company generates, the people factor side of a business continues to be the draw and the retainer for amazing talent and the successful reaching and even over performance of business goals.
Source: By Jack Frix, Business Performance Advisor at Insperity. For any questions or inquiries reach out to Jack at jack.frix@insperity.com or via phone at 703-798-7560