In today’s economy, is there a company, large or small, not having employee challenges? Whether your challenge has to do with hiring the right talent for the job, or retaining that star employee, the question bears asking… Who is your most valuable employee?
When analyzing the previous question, we may have to go down the line and see which position in the company offers us the greatest return on our investment. Is it sales, is it sales support, is it billing, or collections? How about the person who answers the phones? I love the nameplate, Ambassador of First Impressions. And that is true, the person who answers the phone may very well be able to retain a client or chase them away. So, it must be the receptionist, the most important person in your organization.
In my opinion every individual in your company is equally as valuable. If that is true, then why are you having employees poached by other companies, and talent acquisition is so challenging? And why is quiet quitting becoming so prevalent throughout the country? Could it be that companies across the US need an across-the-board culture change?
Today’s work force expects benefits such as PTO (Paid Time Off), affordable Health Insurance, retirement programs, flex time and other benefits that may have been off the table in the past, along with equitable pay. We understand that for a small company to budget for a plethora of benefits can seem like a tremendous challenge. Yet, it doesn’t have to be.
Although smaller companies cannot compete in benefits with the larger companies, there are benefits that a small company could offer their employees that will fit within their budgets. You just need the right person or agent to guide you in the right direction. Also, did you know that some of your bigger competitors are falling behind in benefits offerings?
I met with the owner of a small company a few days ago who was looking for answers to the hiring challenges his company was having. Up to now the company is just offering the employee a salary, and maybe PTO. The company principal has realized that budgeting for health insurance, and maybe a retirement program, could be beneficial to their future growth, and in the long run help the company save money. How your company can save money by instituting benefits programs is a question better answered by your CPA.
One thing I don’t mind telling you is, what to look for in a benefits agent. A benefits agent should have a team of professionals ready to answer questions, and help institute programs from HR/Payroll to wellness, to retirement. He/she can refer attorneys as well as banking partners that will help you take your business to the next level.