According to the Wall Street Journal, the current construction boom plays a large part in creating the lowest unemployment rates we have seen in the last 50 years. With both commercial and residential construction spending continuing to rise, it’s no wonder that the competition for employees is fierce. As a local business, it may seem impossible to attract and retain a workforce when you are up against larger or national competitors. Below we offer some tips on how small employers can compete with large employers for workers.
Create a Positive Company Culture
We’ve been hearing a lot about the Great Resignation, but as management consulting firm, Gartner, points out, this moment is more about reflection than quitting. Employees have emerged from the pandemic with a greater sense of work as a subset of life, rather than a driver. Organizations that understand this new need within their workforce for personal satisfaction and contribution toward a greater good are on the right track toward retaining and attracting team members.
The key to understanding what drives your employees is to ask them. And, bringing your team into the discussion about where your company should go and the role they want to play in it creates buy-in. However, once you begin the conversation, it is important to follow through with the reasonable ideas that emerge from those talks. Empty initiatives hurt company culture more than not starting the process in the first place!
Get Creative with Your Perks
A small chuckle may emerge from you when you read about the sushi bars and foosball tournaments at technology firms, but those seemingly insignificant perks have a great effect on company culture. While there may not be time during your team’s day to play a game, there are many other ways to offer little incentives to keep employees engaged. Free food goes a long way, as does small, more frequent bonuses, causal dress codes, flexible scheduling and opportunities for remote work. But who knows – it may be the ping pong table you put in the company garage that becomes the biggest hit. Regardless, getting creative with these little touches can go a long way in promoting positive relationships within your company.
Offer the Benefits Employees Want
Employees want more than competitive salary and vacation time. Additions like 401k matching, student loan offsets, on-site gyms, etc. are often benefits smaller organizations just cannot match. However, one of the most important things employees not only want but expect, is access to high-quality health benefits. We are not telling you anything you don’t already know here, but what you may not have found is an affordable option for your business. The Wharton & Power Insurance Team has over 30 years of experience in helping small employers offer group health insurance that satisfies their employees and their bottom lines. If you would like to explore your options, send us an email or give us a call at 317-663-4138.
In the end, small employers CAN compete with large employers for workers – it just takes planning, conversations and creativity.