Increase Retention and Growth with a Positive Company Culture

The competition for talent is fierce, and the human resources department has a great challenge in its hands: on the one hand, it has to discover the best talents and, on the other, make sure that the company is attractive in a competitive environment.

Improving Company Culture

We are in living in a business world where the loyalty of the employee or the commitment to remain in the same organization for a long time, is an exception to the rule.

We see it in studies like the one Deloitte has done worldwide, and that reveals that 44% of millennials would give up their companies in the next two years. The range of opportunities to move to new sectors, acquire new skills, and take on new experiences is much more attractive than a fixed and stable position with few development possibilities. The future employee wants to take control of his professional career and proactively choose his own path.

Jacob Morgan, a specialist in the sector, says in his book The Employee Experience Advantage that it is about “creating a company where people really want to reach.”

In the opinion of Samuel Stern, an analyst of this practice, the experience of employees encompasses “the connections that employees obtain with colleagues, with managers, for the broader purpose of the company.”

So it is important that the person feels valued, has autonomy, and sees that they have progressed in the company.

Regarding the experience of the employee, one of the most common mistakes made by companies is to find a short-term solution. However, for the technique to succeed, several elements such as business culture, physical space, and technology must be linked.

The Direction Forward

We cannot ignore that society evolves continuously, and employees’ expectations about where and how they should work are constantly changing. For all these reasons, company culture is a primary asset for organizations that want to attract the best talents and who claim to be or remain competitive in the market.

Faced with this reality, business culture becomes more important. A recent worldwide study shows that 87% of respondents under 30 feel valued in their work environment, 82% consider it essential to incorporate new talents, and 42% see the office as a place to spend the as little time as possible.

Many companies go beyond traditional compensation packages and strive to create an appropriate company culture to find and retain the best.

The Likely Action Plan

This includes not only offering a good culture in your workplace but also additional benefits, such as gym, private medical insurance, restaurant check, among others. They make an organization more attractive to potential candidates. The possibility of buying shares, teleworking, increased vacation days, and social activities have also become fundamental pillars for talent management.

In addition to dealing with external recruitment, the human resources department has begun to realize that it must think differently about internal initiatives for talent management in the future.

Historically, these programs have focused on high-potential employees. As we move forward, we must have greater inclusion for other employees, regardless of their level in the organization.

This will make human resources leaders think more about people management than talent management, which includes identifying how an employee could move to other areas of the company and how training and development will help employees have more skills for other roles.

People management takes into account broader elements such as company culture, employee training, and engagement, which feed on recruitment and retention of talent.

In short, new business management methods are beginning to emerge. The traditional model of hierarchical organization is being questioned, and structures that go from the bottom up are being developed.

Companies will make leaders more accessible, including weekly meals and open trades, where leaders are not isolated from other employees in separate offices.

Final Thoughts: Company Culture is the Backbone of a Firm

Organizations must incorporate training and professional employee development opportunities such as loan forgiveness and smart benefits for teachers, in the fabric of the company’s culture, to reduce employee turnover. By providing a structured program at the start of their careers, the company ensures that employees gain an advantage in developing their leadership skills.

Rotation programs, for example, give employees the opportunity to experience different roles within the company and gain a better understanding of what a career in that area would require.

A Full Smart Benefits Guide for the 2020 Firm

Businesses that agree that the workforce is their most valuable asset are the most successful ones. But one thing that still most businesses fail to understand is that for today’s workers, compensation in the form of salaries is more of a basic thing than an actual scorecard. In short, just offering competitive salaries won’t help offer a great employee experience to your workforce. You need more than just monetary benefits to keep your talented asset engaged, happy, and motivated.

Company perks and additional benefits remain the most major aspect for most companies to retain their loyal employees and make the most out of their skills.

According to a study, it was reported that around 50% of employees would consider the company’s benefits and perks before finalizing their decision of joining a workplace. In addition to a long list of employee benefits, the availability of snacks and flexible working hours were some of the most notable perks that candidates take into consideration.

But what kind of benefits really encourage employees to perform at their best capacity, stay longer in the organization, and stay loyal to its operations? When salaries fail to move the needle, it’s the smart benefits that come in handy for organizations.

Best Smart Benefits of 2020 – Everything You Need to Know

This guide covers all the details about the best smart benefits of 2020 and why employees would always prefer a workplace that offers these benefits.

Online Development Programs

According to the CEO of LinkedIn Reid Hoffman, the average employee tenure lasts between 3 and 5 years, and during this time it becomes the company’s responsibility to work on the personal and professional growth of the employees.

Offering online development programs is a great way to engage your current workforce in the changing dynamics and keep them up to date with their learning. Not only this guarantees a mutually enriching relationship, but it also helps the employees feel valued and allow constant augmentation of their skill set. Providing online developing opportunities to improve learning is a highly advantageous smart benefit, especially in our economy where switching jobs is a norm.

Flexible Working Hours

This is a smart benefit that’s also regarded as one of the biggest opportunities for employees. Especially keeping the current pandemic situation in mind, 2020 calls for this benefit to keep most people employed during this time.

According to a survey, the smart benefit of flexible hours is the third most crucial perk that employees value the most – right after the conventional benefits such as health insurance, access to an income driven repayment plan, and 401(k). Thanks to the ubiquity of smartphones, laptops, easily accessible internet, software, and enterprise chats, most jobs can be done within the comfort of your home or from a remote location.

Having access to continue work from home can be very meaningful to the employee experience and cost nothing to the company.

Access to High-Tech Equipment

Just allowing your workforce to work-from-home is a great smart benefit but providing them with all the essential equipment required to make this efficiently possible. Providing a good internet connection, a laptop, smartphones, or similar smart benefits entice employees who value the flexibility of work.

With the right equipment, employees can make the most out of their flexible schedule benefit and offer the same level of productivity and efficiency if not more. Offering the high-tech equipment to keep up with the flexible schedule does not only helps employees maintain a greater quality of life but also helps businesses to continue with operations regardless of where the employees are.

Paid Sick Leaves

Paid sick days is another great smart benefit that provides employees with their most valuable commodity – the time they need to recover. In 2020, this benefit has become the most important on the list. Offering paid sick leaves does not only boost your employees’ morale but is a great way to tell them that you care and appreciate their presence.

Paid sick days also encourage employees to get themselves treated because they’re not financially burdened. Also, if the disease is contagious, providing paid leaves is less likely to decimate widespread illness.

Conclusion

Benefits and perks play a major role in helping a potential employee make a decision. Offering smart benefits gives organizations the edge over the competition and allows them to retain employees without incurring a lot of costs.

Consider offering these smart benefits this year and make sure your top talent stays loyal to you.

A 2020 Benefits Management Strategy for Startups

One significant and pricey endeavor for employers is to manage and control employee benefits. In general, employers should grant compulsory benefits like Social Security deposit, employee’s compensation insurance, and unemployment insurance, the majority of the remaining benefits are un demanded and decided by the employer. Benefit programs differ vastly, but commonly it involves medical insurance, life and disability insurance, paid-time-off benefits, retirement income plan benefits and educational assistance programs.

The critical factors in the total compensation cost involve choosing benefits and design. There are some cases where the total compensation cost takes 40 percent or more for the benefits.

Employers should come up with well-designed benefits plan design that fulfills both the requirements of an employee as well as the aims of the employer due to the importance of investment of the employer on the employee benefits during recruiting and retaining.

Determining the Organizational Objectives and Budget for Benefits

The identification of the objectives is the first and essential step when it comes to the designing of an employee benefits program. It will give all the required guidance needed to select and design the benefits program. Typically, this procedure does not result in a series of particular benefits that are offered but it rather gives an overview of the company’s objective of offering benefits keeping the needs of both employee and the employer in mind.

The organization’s business strategy will enable the efficient development of the benefits goals as these goals become the source of attaining the overall aim of the organization. The factors that must be considered while developing the benefits objectives are the size of the employer, location, industry as well as the collaborative bargaining decisions.

It is important to determine and manage the given budget for allocating the benefits as employers are given the limited cost to spend on the benefits of the employees. If an organization has already developed a benefit plan, they need to evaluate the benefit-cost as well as projected cost and form an annual budget spreadsheet highlighting the benefit-cost. The increasing cost of the given benefits like health insurance will have a great impact on the benefits that an employer can offer.

Performing a Needs Assessment

A needs assessment is carried out to learn about the best possible benefits and design, which are decided as per the requirements of the employees. This assessment involves an employer’s view of employee benefit requirements, opponent’s benefits practices. A more current method is to conduct market research when planning employees’ benefits. The general market procedure involves information given by the employee in the form of survey designs such as interviews and questionnaires.

Companies should evaluate the available workforce demographics to help in finding out the demands of different kinds of employees. Younger workers prefer more paid time off, while elderly employees hold more importance on their retirement income plans.

Paid medical leave is emerging as a must-offer benefit for employers. To ensure the grant of paid medical leave from the employers to the employee’s many regional laws is being passed. Employers are required to keep themselves updated regarding the local requirements.

Constructing a Benefits Plan Program

The employer requires articulating the new benefit program design after the completion of the need assessment and gap analysis. The collected data from every possible resource in step 2 will take the employer to start organizing the benefits according to the preferences and priorities. Then, the distribution of these prioritized benefits is tested against the benefits budget by the employers.

Certain factors must be considered due to the complexity of this step. Should changes be done to the current benefit plan to manage the cost? Should we eliminate the underused or ignored benefits that employees no more utilize? What is the confined cost or benefits budget? How to place cost containment features? Should employees be asked to contribute and how much? Is there a need for a third party or broker for certain programs or they can be administered in-house?

These are some of the evaluations that an employer must take into account to determine what benefit offerings should be added, changed or removed.

Articulating the Benefit Plan to Employees

Communication plays an important role in the planning and management of the benefits. Buy-in is the critical component of the employee’s comprehension of the benefits. The absence of buy-in may result in the futile efforts of the employer, no matter how smartly planned to reach the employee’s need. Furthermore, the input of employees is vital as it is used in designing the benefits process, so employers should acknowledge the employees about how their feedback may influence their benefits plan.

Determining The Effectiveness Of The Benefits Through Periodical Evaluation Process

An important step towards the benefits management procedure is analyzing the benefits strategy program periodically. A timely assessment of the benefits program must be done to ensure the fulfillment of the company’s objective and employee development. The benefits offered to vary with the changing nature of the workplace that includes the dynamic nature of the economy, business culture, regulatory atmosphere, and working population. Therefore, the employer’s responsibility encompasses developing goals, take measures to evaluate the benefits programs and alter them as per requirement. The effectiveness of the benefits program can also be evaluated by employers by considering external factors and benchmarking data. They can also make use of employee’s full-scale need assessment and surveys to identify the efficiency of their benefit plan.

Your 2020 Employee Experience Cheat Sheet

Most companies have to review everything starting from their literature to their compliance by screening your employee experience daily. In this era, it’s is not adequate for the company’s success to just provide the employees with essential benefits like PTO and health insurance. It has to go far beyond to give their employees an ideal experience within the workplace. We can say that the employee experience is the total sum of all the employee’s inter-company communication.

It involves the favors, literature, physical work atmosphere, and equipment that are granted for the progress of the employees, which eventually translates into profit. In reality, organizations having greater employee engagement pull in 2.5 times more revenue than businesses with low engagement levels.

If you are willing to make your talent acquisition better and elevate employee retention rates, implement the following tips to give an ideal experience to your employees.

Upgrade Company’s Internal Communication

Teams that are associated with internal communication do a lot more than just circulating the details of the company. They encourage a sense of cooperation, promote teamwork to achieve a common goal, and develop a united company culture. When employees are well aware of their goal, they are more likely to engage in productive activities and become the brand representative of your company. Therefore, there is a positive relationship between a sense of purpose and employee motivation level. Use internal communication in your best interest for boosting employee experience.

Practice Employee Journey Mapping

The journey map of an employee reflects the numerous phases that an employee has to go through while they are working with a company. It enables you to determine the problem areas and critical period where employee’s actions and feedback works as a bridge to fill the gap between the present critical situation and a required state. The perfect journey map begins with the clear-cut results, employing X and O data.

However, It is a challenge to identify and differentiate between employees’ life cycle even after conducting employee engagement surveys every year, as every employee is found to be at a different stage because of the differences in their personal experiences, including different motivation, engagement, and productivity level which cannot be understood easily.

Data is the only way that would help you put down a journey map for each employee for an enhanced experience.

Provide Ideal Onboarding Experience

One critical step that many companies are missing is providing employee orientation program to the new hires. Failure to provide an ideal onboarding experience later comes out as a hurdle in employee success, due to poor engagement and lack of effort. In fact, Harvard Business Review revealed that hires that look for a new job within the six starting months of their job are 33%, for which the onboarding experience counts a lot.

A program needs to be designed that is confined, adjusted according to the targeted audience (i.e. both sales reps and customer service reps get different orientation), and contains well-defined goals.

Invest In The Well-Being Of Employees

Active employees save the organization’s money and time by incurring lower health costs, but employee well-being not only refers to their physical state. Activities that promote employee’s mental, spiritual and emotional growth need to be organized to increase the productivity at the workplace.

Organizations should incorporate health and fitness sessions into their culture, providing access to clinics, gyms, healthy snacks and medical leaves.

Offer Career Development Opportunity

An opportunity for career development is the key that encourages employees to stay more likely at your organization. You can spot loyal employees by arranging training sessions for hiring a new group of leaders, building a sense of responsibility as you invest in them. A yearly discussion regarding employee’s long- term career development should be planned by the managers to keep them engaged and motivated.

A skilled mentor can also be appointed for the employees for their guidance and evaluation. This evaluation will result in the rise of employee engagement as well as broaden the company’s present talent bank.

Conduct Employee Benefit Surveys

It is very crucial for your recruitment and retention efforts to provide the relevant benefits to the employees as most of the employees prefer consuming additional benefits over a salary raise. You can distinguish the importance of benefits to the employees through benefit surveys. They contain the questions asking the quality of particular benefits, how they differ from other companies and suggestions regarding the benefits they want in the future. This can be associated with the PTO, maternity leave, retirement, health assurance, free food, stock options, etc.

Implement Feedback

Various organizations conduct surveys on employee engagement and feedback to identify where their employees are standing, but do not take the given suggestions seriously. This can create a negative impact on employees and result in a loss of trust. If an employee is being valued, they tend more to share their views, but resist sharing their opinions if they know they won’t listen. To be successful, a company needs to share its action plan with its employees, provide access to smart benefits such as an income driven repayment plan for loans, and assign a person to supervise the changes.

Conclusion

Construct a positive employee experience implementing these smart tips and long-lasting strategies to guarantee respect, employee development, admiration and workplace satisfaction to each employee every day. Always remember, never stop the efforts you are making for the improvement of employee experience.

How Employee Development Builds Companies

Employees are not only a part of the organization, but they’re the most crucial building block that the organization is established upon. All the talent and skills that each employee brings to the table is vital to the growth and success of the business. And while the organization ensures using the best methods for hiring the most suitable and qualified staff for each department, ensuring their development and growth is a concept that takes the back seat.

According to a study, organizations that pay attention to the employee’s development experienced an increase in their sales and profits as compared to the organization that didn’t engage. Here’s a fact: Being responsible for the training and development of your employees plays a crucial role in improving the financial performance of an organization.

The Benefits of Training and Employee Development in The Workplace

Employee development leads to higher efficiency and competitiveness, and produces a workforce that more satisfied and engaged. As far as the statistics are concerned, companies that focus on the development of their employees noticed 41 % less absenteeism and more than 15% of overall growth.

But these are not the only reasons why organizations opt for regular training and development programs. Since employee development builds companies, there’s a lot more to this aspect. Here’s everything you need to know.

Improved Employee Retention Rate

One of the biggest challenges that employers face in the long run is hiring new talent and retaining the experienced employees. Employers can reduce this risk by focusing on the employee development part and using it as a competitive advantage during the hiring process. This cultivates a sense of value and loyalty towards the organization, which eventually leads to staff retention.

Offering different training and development programs with the employment contract is not only a great way to attract great talent but also retain it. And there’s more: an organization with a high percentage of workforce engagement can reduce the turnover rate by up to 60%.

Training the Future Leaders

Being critical about your hiring process can help you make wise decisions and target talent and skills that can be used for future leadership. It is during the initial acquisition that the hunt for leadership begins. Also, offering regular development programs to your employees also give them the opportunity to polish their skills and be a part of the leadership roles in the future.

Employee Empowerment

Another great benefit of employee development is employee empowerment. Only when the authoritative workforce feels empowered, it will be able to influence the employees in the positive direction. Employees that experience a better sense of recognition, value, and autonomy will work with higher confidence and deliver better results.

Increase in Workplace Engagement

It is the dissatisfaction from work that creates the negative vibe within an organization. Often, when an employee leaves the organization, there’s a domino effect that takes place. The negative working habits are also the side effects of boredom and workplace idleness. One of the best ways to prevent these feelings is to make an employee feel engaged.

Carrying out regular training programs can keep your employees occupied and establish regular re-evaluation of your employees’ skills and productivity.

It Helps You Find Great Employees

Focusing and investing in improving employee morale will not only retain your best employees but it will get new and more competent employees on board too. Presenting growth and development opportunities to your potential employees during the hiring process is a surefire way to convince the most talented lot to work for you. When a candidate shows interest in joining your workforce, they too wish to professionally grow within the organization.

Talking about the real benefits – apart from money – in the form of professional growth and development is surely going to help you in finding the best people to join your team.

It Increases Productivity

The increase in productivity of a business is something that companies always focus on improving. Despite the fact that there are many productivity tools and methods out there, nothing is by far in comparison to employees’ engagement. The efficiency of employees rises with an increase in employee retention.

Conclusion: Employee Development Works

All in all, one of the best ways to prompt an organization’s planning and analysis is by offering them the best opportunities for training and development. It enables employers to create the growth of employees within the company rather than hiring new recruits for different positions. HR managers can evaluate the existing capabilities of the employees and organize targeted management curriculums that cover all possible cavities in employees’ skills.

By offering continuous development opportunities such as income driven repayment plans, to the employees, an organization can keep them productive, engaged, and loyal. It’s the challenge that the educational courses and training programs bring with them that would put your employees on toes. As a result, they become more inclined to carry out their job roles more efficiently and take one step ahead towards growth.

Improving Employee Retention Rate for Good in 2020

In a market where the talent is so tight, retaining your best performers is of utmost importance. In this article, we will discuss the expert advice on increasing your employee retention rate.

If you are failing to keep your employees happy in the competitive business world, another organization may steal the opportunity and hire your top-performers right away. On the other hand, employees who leave the organization abruptly can damage the company’s growth, especially if you have a small business.

Importance of Increasing Employee Retention Rate

So before you jump to the best ways of improving employee retention rate, it is important to understand that the first step towards employee development is to make sure you are hiring wisely. Being selective with your choices right from the beginning can make a lot of difference to your experience with your workforce. When finalizing a candidate, also consider factors like attitude, diligence, and integrity in addition to the skills, qualification and experience.

How can you make sure you’re improving employee morale and employee retention rate for good in 2020? Here’s everything that you need to know:

Establish a Culture

Creating the right environment within your workplace is crucial. To encourage your employees to develop a bond with your organization, it is important that you set up an environment that’s friendly, comfortable, and attractive.

Make sure that your organization’s culture matches the type of work you do and the kind of employees you will hire. This is the first step to making sure your workforce has a great employee experience.

Pick the Right Candidates

As mentioned earlier, screening your potential employees is very important to ensure you aren’t giving an opportunity to a job-hopper. And even though there’s nothing wrong about approaching new opportunities, look for a candidate who would value growth within the company instead of hopping to workplaces for different experiences.

Pay Adequately

When it comes to the dropping employee retention rate, no one wants to discuss the money factor. This, however, is one of the most important reasons why your experienced employees may be looking for other job opportunities.

If you are not paying your employees what they deserve, they’re definitely going to look for options. In case your budget constraints don’t let you pay too high, make sure it is at least competitive. Cover the rest by offering a healthy workplace environment, as these factors combine to improve employee retention.

Offer Guidance

Regular assessment is a great way to offer guidance to your employees. First of all, it is important to provide full awareness regarding their job duties. Once that’s done, make sure they are delivering productivity up to the mark.

Before you hire a suitable candidate, it is best if you already have a job plan in place. This way, it is easier to explain the tasks to your employees and even keep a check on their performance. Providing guidance will save your employee from getting confused about his or her job role in the organization, which could lead to feeling dissatisfied.

Better Learning Opportunities

In addition to job roles, employees really appreciate the opportunities that help them improve their skillset. By offering learning opportunities and training, you are not only benefitting the employees but also your own organization because your employees will now be using that knowledge to improve their work quality.

While most businesses expect their employees to be fully trained, investing in their continuous learning can help them boost their current credentials. This way you also prove to your employees that you take their growth seriously.

Boost Morale

Recognizing your employees’ dedication and hard work is important, especially if it helps boost their morale and motivation. Just because it is a part of their job, it doesn’t mean they do not deserve to feel appreciated. In fact, giving them recognition for all the hard work will further encourage them to do better and achieve bigger and better results.

Such employees also like to feel challenged with different tasks. If you have top performers like that, it is important to engage them at best to retain the amazing benefits they bring to the organization.

Benefits and Perks for a Higher Employee Retention Rate

It is often difficult for a business in the developing stage to offer benefits and perks like larger corporations. However, benefits do not always have to be a big deal to attract employees. Even if you cannot offer your employees massive healthcare options, you can still offer them benefits like increased flexibility, the ability to work from home, performance bonuses, and more flexible vacation options.

Conclusion: Employee Retention Rate is Important

This year is all about retaining the benefits that your business has already earned – which primarily means your workforce. The loss of a productive employee is more than just finding a replacement. Failure to retain your best employees can cost a lot more than money and time. It could leave a chain-effect, triggering negativity at work and affecting the work and dedication of other employees.

So follow these simple methods and improve employee retention rate right away!

Employment Benefits for New Hires in 2020 and Beyond

Starting your first job can be scary. You don’t know what to expect and you don’t know what’s a good number when it comes to the salary or employment benefits.

That said, in this day and age, companies do not only provide a paycheck at the end of the month but also deliver more in the form of employment benefits.

Employees deserve employment benefits for a variety of reasons. They put in a lot of time and effort into making your business a success and deserve to be compensated. Since new hires tend to jump ships more often, companies should especially look into the benefits they provide the freshest talent and make efforts to retain them.

Top Employment Benefits

Here are some employee benefits that you can start offering to retain your new hires.

Healthcare benefits

Healthcare benefits have been a staple for years now but 2020 marks a point where employee stress levels are on the rise.

The World Health Organization (WHO) estimates that depression and anxiety cost the global economy $1 trillion lost in productivity every year. Fortunately, that is changing in 2020, and it is estimated that counseling for common mental health issues in workplaces will result in an increase in productivity.

Providing employment benefits and health insurance can also keep mental health issues to a minimum, resulting in increased productivity and revenue.

Student loan repayment

Student loan repayment is one of the most common issues that fresh graduates face.

In an article on CNBC, it was revealed that the average student loan balance for Millennials was $10,600, more than twice the average owed by Gen X in 2004.

With the rising cost of education, companies have started to offer their employees various methods to repay their student loans. Companies are also looking into provide flexible payment methods to help them pay off faster.

‘This financial burden impacts employees and dependents”, says Paul Wolfe, Senior Vice President of Global Human Resources. As a result, more companies are providing solutions to help employees with their student loan balances and so should you.

Helping your employees repay their student loans will also be seen very positively and might be the reason why your employees want to work with you for longer.

Flexible schedules

Flexible working hours are important for new hires. It gives them a sense of control over when and where they work. Remote working has also been popular in recent years and is often associated with increased productivity.

Employees with better work-life balance also tend to work better. There is a level of trust between the company and the employee. Flexible schedules and the option to work remotely also allows employees to be there for their friends and family when it matters the most.

Transportation benefits

Companies should capitalize on this providing free transportation to attract and retain talent in a tight market. Not only it is a better way to market yourself to the people but also helpful for new employees who use means of public transportation to go to work. Additionally, since transportation takes a significant chunk of people’s salaries, they will appreciate the gesture.

Paid leaves

Most of the newly hired employees live paycheck to paycheck without a savings account to fall back to if the going gets tough.

Unfortunately, a large percentage of low-income employees do not have any paid leaves. You can, however, take a step in the right direction and make paid leaves a part of the package you offer both new and old employees. Granting your employees paid leaves also goes to show that you respect their time and commitments and want them to take a break every now and then.

401k Plans

401k plans are nothing new in the business world, however, the quality of the 401k plans is still wanting in most companies. Providing a competitive 401k plan, much like the Fidelity 401k plan, is necessary, since it instills confidence in the employees, with regards to their finances. It can also improve employee morale and increase employee retention.

Financial wellness programs

A report published by the Bank of America shows that 53% of companies now offer financial wellness programs to their employees. Research by Paycor also found that financial wellness benefits appeal to all age groups.

The right financial advice and access to financial wellness programs are bound to help you retain new hires for longer. In fact, since financial wellness programs are one of the best employment benefits out there, you can also start attracting more talent from far and wide.

Conclusion: Better Employment Benefits

By offering these employment benefits, you can ensure that new hires see your company as one that’s progressive and one that they want to work at for years to come.

A Full Benefits Outlook for the 2020 Female-led Startup

Start-ups are interesting for a number of reasons. Their culture is often significantly different than that of established companies and they have their own sets of challenges.

Since there’s nothing conventional about startups, it’s truly no surprise that so many people are interested in working for one. After all, startups present learning opportunities that are completely different than the type of opportunities available at large corporations, and they leave no stone unturned in trying to improve employee morale.

What’s more, when working at startups, there’s a higher chance that your voice will be heard compared to larger organizations.

A Practical Benefits Outlook

Still on the fence about joining a startup? Here’s a quick benefits outlook for female-led startups in 2020 that will help change your mind!

More Vacation Time

Startups try to steer as far away from the norms of the conventional business environment as possible. That’s exactly why most startups have their own rules and the people there love to do things differently.

One area in which startups differ significantly from conventional businesses is the amount of paid time off. Startup culture is all about meeting and networking with people. Founders of startups understand that this —along with all the work that you have to do at a startup — can be overwhelming for employees which is why they believe in offering more vacation time to employees.

Since creativity and innovation are absolutely essential to survive and thrive in a startup, the downtime does employees well. More often than not, employees are more productive when they return from a vacation or short break and are able to deliver better results.

Free Transportation

Any startup benefits outlook will be incomplete without free transportation. While startups may not pay as much as the behemoths of the industry, they do offer benefits that matter.

Offering free transportation both to and from the workplace is one of the best ways to increase employee morale at your startup and retain talent. This is because employees generally feel like spending money on commuting to work is a waste. Also, most employees get angry about the fact that they have to spend money to earn money. By offering free transportation, you can put these concerns to rest and increase the likelihood of employees being motivated when they come to work.

Remote Working

Ever felt like you could be a lot more productive from a hotel room with a balcony that overlooks the Swiss Alps than you could ever be in your cubicle? Well, startups let you do just that!

Remote working is something that’s not only allowed but also encouraged in startups. Most startup founders have already worked for years on end in large multinational corporations before they get around to starting their startup. That’s why there’s a high chance that they understand your resentment towards showing up to work every single day (probably because they felt the same way!).

When you’re working for a startup, you can almost be certain that you’ll be allowed to work from anywhere in the world. As long as you’re getting the job done, no one will ask you twice why you didn’t show up to work all of the previous weeks.

Growth and Learning Opportunities

One of the major reasons why people are drifting away from conventional businesses is the lack of growth and learning opportunities, as well as poor employee retention. Old corporations that have been around – and enjoyed success – for decades tend to have a very rigid style of working. That said, millennials and people from Generation Z enjoy bringing their own unique twist and personality to everything that they do. This is why most fresh graduates that are just entering the workforce tend to ditch their jobs at established companies to join a startup.

Even though working at a startup might not sound as inspirational as landing a C-level position at a great company like Intel, there’s still so much that you can learn. In fact, since you’re expected to make do with limited resources, you truly understand what you’re capable of and are able to develop solutions that you never knew you could.

Additionally, when you’re working at a startup, you decide your own pace and trajectory. Whether you’re in the design team and want to learn from the marketing team or want to learn a thing – or five – from the IT department, you won’t ever find anyone limiting your opportunities when you’re working at a startup.

Conclusion: A Positive Benefits Outlook is Important

Working at a startup can be fun and intimidating at the same time. That said, saying no to a startup just because the pay isn’t as handsome as other jobs can be a grave mistake. Some startups even offer practical benefits, such as access to a Fiserv account, to help employees with their finances. We hope this startup benefits outlook helped put things into perspective and convinced you to give working at a startup a shot.

How to Improve Employee Morale to Increase Engagement

What do you think is worse for a growing business? A disengaged employee or an incompetent employee? If you pay close attention to the books, you’ll agree that a disengaged employee is the worst thing that could ever happen to a company.

Imagine there’s an employee who shows immense credit and specialized talents to go above and beyond the expected, but they’re always disappointed by the company and its treatment. An employee like that won’t be ready to put in the required amount of work and this will affect the results you get.

Improve Employee Morale for Holistic Benefits

In simple words, morale is an intrinsic drive that motivates employees to show up to work every day with a positive and can-do attitude. It is the overall perception that employees have associated with the company. And it might also refer to the motivation to improve and derive meaning from work consistently.

When employees feel motivated, it reflects the productivity of the company. High employee morale leads to efficiency and high quality of production as well as increased engagement within the company.

If you keep your employees happy, they give you results. By introducing a high employee morale system, you can pull through literally any storm. Empower the employees, increase their benefits, and provide them with opportunities to grow internally and you’ll see your company reach new heights every day.

Causes of Low Employee Morale

To improve employee morale, several key changes need to be implemented in a drastically failing company. For this, you need to first focus on what’s going wrong.

What are the main reasons for low employee morale?

For starters, the lack of growth affects the morale of employees across the globe. This is a significant factor that most companies fail to understand. Employees yearn for individual successes and they need a reason to stay loyal to the company. But when enough opportunities are not provided to them, they don’t feel motivated to come to work every single day. Additionally, concerns arise when the goals of the company and the ambitions of the employee do not exactly match.

Therefore, it is critical for both of their goals to align together. The morale of employees is also affected negatively when they aren’t exactly happy with a certain leadership style. When this leadership style is accepted as the new norm in the company, you’ll notice a significant decrease in productivity and results.

Methods to Uplift Employees and Increase Engagement

So, what do you think should be done to improve employee morale? Here are some tips to improve the morale of your employees and keep them happy at your company.

Validate your employee’s motivations

As already mentioned above, there are plenty of reasons that lead to decreased morale. Lack of growth, lack of clarity, and leadership issues lead to an apocalyptic end. One way to handle the problem is by valuing the obvious needs of the employees.

Increments, bonuses, paid leaves, health insurance, and high paychecks are a great way of keeping your employees motivated. However, you need to understand that offering learning and growth opportunities to your employees is a great way to motivate your employees to show up at work every day and keep their spirits high. Promotions, change in job titles, and responsibilities also contribute to high employee morale. The key is to stop the work from becoming too monotonous. Every day should create excitement and that can be triggered with the help of incentives.

Elevate intrinsic motivations

Research has estimated that you can’t ultimately rely on intrinsic motivations as they tend to change every other day. Therefore, they are considered to be fairly unreliable. However, you can’t completely neglect their existence either. What keeps employees motivated on one day might not be as effective the next, and employers need to understand that.

Even after the initial excitement of a promotion fades, employees go back to complaining and nagging about their jobs. With that said, there’s another side to the story. If you’re not inspired from within, you won’t be motivated by extrinsic motivations either.

Intrinsic motivation can be seen in light of a connection to the company. How connected do employees feel with the place they work in and the people they work for? Apart from this, not having a sense of agency at work can result in reduced employee performance and productivity. Therefore, giving importance to the opinions of employees encourages them to take initiative, and the abolishment of hierarchies in a company is the way to proceed.

 Conclusion: Important to Improve Employee Morale

Thus, it can be established that to lead a successful business, the initiative needs to be taken to improve employee morale and increase employee retention and prevent disengaged employees. Plus, providing them with benefits such as access to Credit Karma tax can also help keep employees, since it gives the impression that you care for employees beyond the office space.

Top 4 Points for a 2020 Employee Engagement Survey

Employee commitment is an uber-significant part of an organization’s prosperity. Actually, it is straight-up there with all-out income generated, with regards to significant achievement factors. This is so much so that employee commitment is at the focal point of what makes an organization or company effective. Be that as it may, how would you know whether your employees are locked in, or whether you have disengaged employees on your hands? You can simply ask them, through a smart employee engagement survey.

If your company aims to grow in the current unusual business atmosphere, it needs to have a workforce that is happy to stand by it through various challenges.

An Intelligent Employee Engagement Survey

Keeping that in mind, the following are the most significant focal points to remember for an employee commitment review.

Fulfillment with the Company

Employees should be happy with the organization, and you as a business, if they are to be locked in by any means. Fulfillment is an immediate marker of employee commitment, and keeping in mind that there are different components to consider while considering engagement, this is the most significant one. Employee fulfillment can be measured by the following inquiries:

  • Are you happy with how you’re treated by the top brass?
  • Would you consider recommending [Company] as a decent work environment?
  • Are you happy with the offices and advantages the organization gives you?
  • Do you see yourself working for the organization in, suppose, five years’ time?

You can have any number of varieties of these questions, and the message will continue as before. This is because these are the most immediate method for knowing an employee’s degree of fulfillment.

Inspiration to Work with/at the Company

Fulfillment and inspiration go together very well, on the employees’ part. Nonetheless, inspiration varies to some degree, in that you can be happy with the organization, yet not really propelled to endeavor, as well as complete the errands you are relegated. Employee inspiration can be estimated by the accompanying inquiries:

  • Do you anticipate getting the opportunity to work each day?
  • [Company] always inspires me to improve past what I would in a comparable job, at another organization?
  • Does your work urge you to improve your abilities and improve your portfolio?
  • You have seldom/never searched for another activity while working at [Company]?

Inspiration can, as a general rule, be measured by just watching the employee and seeing what they are like in the workplace, just as, with their collaborators. Be that as it may, a few employees may not be as open as others, as it’s smarter to ask them directly whether they are engaged or not.

Relationship with Corporate Leadership

The company’s leadership, as well as the employees, are at the center of the company’s successes. The leadership is also the main reason why employees leave. The company’s leadership, may not always know how well-engaged employees are with. The employees’ connection with you, and their feelings towards you, can be found out by the following questions:

  • [Company] leadership makes for a great role model for the employees?
  • Your managers have and do provide plenty of guidance related to each new task?
  • The leadership clearly shares the company’s vision with you, such that it motivates you to be a part of the inner workings?
  • My executives and managers are very approachable, and motivate the entire workforce completely?
  • I am provided the required tools and training platforms to perform my tasks, and become a more skilled overall employee?

The employees’ communication level with the top brass shows their level of engagement with the seniority. You can use the previous questions to know exactly what the workforce thinks of you, and what you can do to improve.

Training and Employee Development

Any employee, irrespective of position and department, should be consistently trained, and have their skills improved. Coincidentally, development and training are a vital part of employee retention, as it strengthens the interpersonal connections and communication between the company’s employees and leadership. Here are some of the questions you can ask, about employee training:

  • You, managers, display a keen interest in your progression and development within the company?
  • You are consistently provided new systems and tools, and trained on their effective use?
  • Your period of onboarding consisted of on-the-job training, and continued throughout your tenure?
  • Your progress is always prioritized, and assisted promptly wherever you need help?

Employee engagement and employee development are closely interlinked, and one cannot be there without the other. Also, knowing how well-trained employees are, will show you what steps to take, in order to make them an even stronger member of your workforce.

Conclusion: Employee Engagement Survey Results

Remember that an employee engagement survey may look like a direct way of ensuring where an employee stands, in terms of skill. All the while, perks such as a Credit Karma subscription, for example, will delight employees. Plus, employee engagement surveys can instill a bit of confidence in the employees, and increase employee retention.