In the song “Should I Stay or Should I Go?” British punk rock band The Clash questions whether it’s time to move on to a new relationship. That same question comes to mind for many employees in today’s hot job market. According to the U.S. Bureau of Labor Statistics in June 2019, employers in the United States added 224,000 jobs to their payrolls, while unemployment remained little changed at 3.7 percent. That means there are many opportunities for employees to easily find new employment that offers more pay, perks, or development options.
So, what’s an employer to do in this market? Here are three tips to help companies attract and retain good employees, and how barter can help provide these options and services.
Offering competitive pay is the number one factor in attracting and retaining employees. Employers should research pay practices for comparable jobs at nearby companies and be aware of trends in their industry and area. There are various ways to do this, such as looking at competitors’ job listing, checking out Glassdoor, and reviewing the Bureau of Labor Statistics to research pay by state and job type.
Paying competitively means offering more than wages or salary, though. A competitive compensation package might also include bonuses, health care services, flexible work plans, wellness programs, and gym memberships. That’s where barter can help.
There are many ways to use barter to supplement employee compensation without spending cash or increasing payroll costs. The Barter Company has more than 2,500 clients in the Southeast offering a large variety of goods and services that employees may need or want for themselves or family members. These include dental services, eye doctor visits, LASIK eye surgery, massage and chiropractic therapy, orthodontic work, contact lenses, fitness centers, wellness/weight loss programs, veterinarians and pet services, and much more.
Many employers also use barter to provide on-the-spot perks to employees or teams for a job or project well done. Restaurant gift certificates, golf lessons, and weekend getaways are excellent options that can be acquired through barter. Check out all the services available from The Barter Company that can be offered to employees and help make them feel appreciated.
Offer Professional Development Opportunities
A second, important way to attract and retain employees is to offer professional development or coaching opportunities that can help them polish existing skills or acquire new ones. Keeping skills up-to-date and learning new ones are important benefits to top performers. Barter can help companies provide these opportunities to employees as well as team building outings, such as conference space, zip line tours, and sports events.
Streamline Hiring Processes
The third tip for employers to help attract and retain employees is to evaluate the hiring process. How are available jobs advertised? How long does it take to hire someone? What methods are used to check an applicant’s background and references? Can these steps be done easier by an outside expert who specializes in these services versus being handled internally? Again, barter can help with the hiring process by providing background check and other business services.
Certainly, today’s job market makes it easy for people to find new employment opportunities. However, barter can help employers make sure top employees know that they should stay.