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By Joe Marconi in Joe's Blog4 commentsA recent study, done by Harvard Business School, concluded that the real problem with attracting and retaining employees has more to do with the workplace environment, not pay or benefits. While the study did find that an adequate pay plan and offering an attractive benefits package did help with recruiting and retention, it’s not enough to satisfy the needs of employees, especially those of front-line workers.
The study also stated that in 2021, many companies were convinced that giving raises, sign-on bonuses, and other perks would solve the worker shortage problem and prevent people from quitting. However, this strategy did not work. So, what does work regarding attracting quality people and keeping them employed?
Essentially, it all comes down to the culture of your company. Management: do all it can to consider the individual needs of your employees. Your employees want to feel that they have a voice, that their opinion counts, and that their role in your company is both respected and recognized. Yes, pay and a great benefits package will go a long way toward making your employees feel secure, but that’s only financial security. People want more than money.
To attract and keep top talent requires creating a company that people feel proud to work for. You need to reach the hearts and minds of your employees. Become a leader that people are enthusiastic about working for. You want your employees bragging to their friends and family that your shop is a great place to work!
Step one to attracting and retaining quality employees: Create an amazing workplace environment for your employees! Trust me, happy employees make happy shop owners too!
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By Transmission Repair
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By carmcapriotto
How do you incent behavior and retain top talent? Is the tech shortage a blessing in disguise? Did you know money is not the best motivator for employees? Bob Cooper, President of Elite Worldwide, shares 6 key components you should have in your compensation and incentive package for your employees.
Bob Cooper, Founder/President Elite Worldwide. Listen to Bob’s other episodes HERE
Key Talking Points
“No one works for me, they work with me” Shortage of technicians is a blessing, scarcity creates opportunity. Attract superstars and keep them. Retention, recruiting (24/7), apprenticeship programs Looking at other successful industries and how to you mimic it? Money is not the best motivator- you’ll never give your employees enough, think beyond dollars and cents Behavior that’s rewarded will continue, random rewards bring consistent behavior Hiring the right people- hire for what they know (skill), fire for who they are as a person #1 Competitive Base Pay (base income, uniforms, training, vacations, paid holidays, etc.) #2 Opportunistic income (Productivity pay) #3 Exemplary Performance Rewards (Going above and beyond their job responsibilities both at work and in their personal life) #4 Security- when you hire Larry, you are also hiring Mary (Health Insurance,401K, business cards, etc.) #5 Reward for Tenure (not loyalty, loyalty is your spirituality, nationality etc. Calling your employees and customers loyal is being assumptive)- (Anniversary rewards, Retirement programs, vacation packages, becoming involved with the integration decision making of business etc.) #6 Leadership (provided by the owner)- are you just default providing (I’m the boss)? Do you have a vision for the future and are focused on goals with growth opportunities? Growing on a lattice, not a ladder. Don’t be afraid of being friends with your employees
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