We addressed several issues in our previous blog, however there are a number of additional issues that we would also like to mention.
1) Cross-training employees:
While we mentioned changing some of the responsibilities of your employees to keep them challenged and continuing to learn new skills, we have found that cross-training employees also provides a learning experience for your employees and provides security for employers. As a former CFO of a publicly held company, one of the first things that I did was to cross train my entire staff (15) so that if someone left, became ill or took a leave of absence for any period of time, there was always someone who knew their job function. The staff reacted extremely well to learning new skills and to becoming even more essential to our firm since they now could handle several functions.
The current job market is quite strong for employees and therefore many employees who were previously happy with their jobs, are considering new career opportunities. One essential factor is always compensation. It might be a good time to review the compensation of your employees to determine whether or not you are paying them at the current market value or not. We have been conducting compensation surveys mostly on an industry specific basis, for our clients nationwide, to help them determine whether their compensation levels are strong enough to retain their employees.
In addition to compensation, employees are reviewing their benefits packages. Many companies that are offering flexible work schedules are also providing better benefits for their employees. Those employers who are offering the basic two week vacations, five sick and personal days and a 401-K with no match, are in danger of losing out to companies offering more enhanced packages. Smaller firms can become part of a PEO program which can offer the same benefits as larger firms, at a much lower cost than using an insurance company directly.
As an Executive Search and Advisory Firm, The Quest Organization has been assisting companies all over the U.S to hire and retain their employees and to assist them in getting their employees back to the office. If you are interested in our services, please feel free to contact Michael F. Rosenblatt, President, for a free, highly confidential conversation at Michael@questorg.com.