Losing employees is a huge loss to a business, but being proactive in a tight labor market is beneficial in holding long term employee relationships and content workers. In a few recent editorials published in the Nashville Ledger, Chris Nichols, from endevis RPO business solutions group, provides a look into how to prepare and ensure long-term employee relationships in this ever-changing job market.
Sometimes, businesses may need to reinvent old benefits to appeal for the modern day employee. Take tuition reimbursement, for example.
“Many companies are creating student loan reimbursement programs where they work with a new hire to pay down that debt,” Nichols adds. “It’s structured in such a way that the longer they stay, the higher the percentage the company pays toward that student loan. It’s something younger employees really value, and it keeps them engaged and around because they see the real benefit of it.”
Experts say employers are becoming more open to tailoring hours and job descriptions so that they can get and keep a broader talent pool.
“I am hearing about retail outlets offering employees as little as four to eight hours a week so they can work when they have available time,” Nichols says. "Employers are realizing they can no longer be the total decision maker when it’s a tight market. They have to work with employees, be more flexible.”
Younger employees want more learning and development opportunities instead of a job that only pay their bills.
“No employer is ever going to have a 100% retention rate, but they should be working to make sure that when employees do leave, it’s not just for money or better benefits. They should only be losing people when the new opportunity is a steppingstone to that individual’s long-term goals.”
To read more insights from other professionals on this topic, check out the full article here.
Amazon: a Middle TN Disruptor
Amazon recently announced its plan to invest $250 million into Nashville with a new operations site downtown with a projected 5,000 management and IT positions with an average salary of $150,000. That means Nashville’s already-tight labor market will likely see major shifts, say experts in the staffing and recruiting field.
With poaching underway, employers are noticing, either feeling the loss or preparing for the changes.
“The way Nashville has been growing, this was bound to happen,” Nichols acknowledges. “Many of the companies that are here were themselves recruited to move here, or their presence was a part of recruitment pitches. They have already been doing what needs to be done, which is making sure they have benefits locked down. Not just health insurance; at this point that’s a gimme. “They have been working on employee engagement and creating a dialogue that lets employees know they are valued, and that their employer wants them to stay.”
And for the businesses that stand idle by?
“They are going to have twice the challenge finding talent, because they won’t be seen as a place that’s forward-thinking, and a good place to build a career,” Nichols says.
Be sure to read the full editorial about Amazon on the Nashville Ledger.