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V O L . X X V N O. X X V I I I D E C E M B E R 9 , 2 0 1 9 22 WO R K F O R C E D E V E L O P M E N T F O C U S B Y J E F F L E B L A N C B Y J E F F L E B L A N C H OW TO Hire and retain employees (without breaking the bank) W ith the unemployment rate decreasing employees have plenty to be excited about. Employers however are singing a different tune. Each month, millions of Americans quit their job in order to find a posi- tion that they consider better. Employee turnover is expensive and can cost an employer a large amount of money and time. Most employers have workers that they consider critical when it comes to the success of their business. ey know that these employees are in demand and must be considered high risk for leaving their current company. e good news is that employers have many options they can consider when it comes to keeping their employees. 1. Competitive salary and benefits First and foremost, the compensation an employee is receiving needs to be in line with averages, not only nationally but at your very own company. Websites like Glassdoor have made finding salaries easier than ever. Many candidates arrive at an interview with an average salary for the position already in mind. It doesn't end with salary. Employers need to be prepared to offer completive benefits as well. e company next door may be offering flex time or telecommuting two days a week. It's important to be flexible and meet the needs of your workers. is is becoming increasingly important as millennials and Generation Z take over the workplace. Younger generations strive for flexibility. At times you may have held all the cards, but this is not one if those times. 2. Work-life balance Speaking of flex time and telecommut- ing, these topics directly apply to the work-life balance. Now more than ever workers are looking for positions that will allow them to make this balance easier. Again, this is particularly true of millennials and Gen Z. When polled, a vast majority of Gen Z stated that they are looking for flexibility at work. at is not to say that an employer has to con- cede to all of an employee's wishes. e reality is companies should prepare to be willing to listen and offer options to aid in this balance. 3. Hire the right person Finding the right fit for a position is time consuming, expensive and exhaust- ing. is should be even more incentive to dedicate the time to finding the right candidate. Retention starts at the very first interview. Employers need to devote time to analyzing the role and the candi- date's qualities. Another major consid- eration is fit. Asking does this candidate fit with our culture? Will they be happy here, will we be happy with them? Fit goes beyond qualifications and is often harder to determine. Finding it can save a company time and resources down the line. Have potential employees tour the worksite and meet as many individuals as possible. is will offer both parties an opportunity to assess the other. 4. Communicate with employees Employees routinely say that they value being told what they are doing is working. Or what they are doing is not working. Keeping communication open with employees lowers the risk of uncer- tainty on both ends. Employers can keep tabs on their workers by checking in, and employees can express concern or satisfaction levels. Good communication is a win-win. Keep in mind for younger generations this includes all forms of communicating, including text message. 5. Be a company they can be proud of Employees (especially millennials and Gen Z) want to work somewhere that makes them feel that they are con- tributing to the greater good. is isn't always about the actual work. is could be in the form of corporate social responsibility and community engage- ment. Allowing employees to feel that what they are doing is making a difference is more important than ever before. is leads to a sense of pride. When an employee is proud of their work it is easier for them to resist the urge to leave the company. Jef f Lebl anc, an assistant professor of business at Saint Joseph's College of Maine, can be reached at jeffleblanc @ sjcme.edu (207) 402-3353 | HealthOptions.org Some of the real benefits of being at home in Maine Your employees can feel secure knowing that they have coverage from a health plan that understands the value of hard work, local support, and independence. Your employees can relax with the added level of support they get from having care managers who are just a phone call away. They'll like having coverage with the health plan that puts its Members first – while helping them get the most from their benefits. You can feel at home with Health Options. Contact our Business Development team or your broker today. Many candidates arrive at an interview with an average salary for the position already in mind.

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