- Provide professional development opportunities
What do millennials want from their employers? Appropriate training. This is what we learned from a new survey conducted by Deloitte. Nearly 70% of millennials believe they only have some of the skills needed to succeed in the workplaces of the future. They would like their company to help them overcome these challenges. As an entrepreneur, you may be wondering why train employees if they decide to leave. Instead, imagine the possibilities if they choose to stay. You can benefit from a workforce that is well trained, motivated and happy to work for you.
- Create a company culture that promotes engagement
Company culture is essential to keep the best employees. A LinkedIn poll found that 70% of workers would turn down a job if culture seemed hostile. Camaraderie and teamwork can be crucial in fostering engagement in the workplace. Don’t mistake reducing the idea of corporate culture to providing fun and entertainment.
Instead, show your employees how your product or services relate to a larger vision, such as environmental protection. You can also encourage volunteering and philanthropic activities. You will be able to mobilize your whole team to improve your community.
- Offer flexibility when you can
Employees appreciate the flexibility to balance work and personal life. Think flexible working hours, telecommuting, or a mix of the two. According to the Conference Board of Canada, more than 85% of companies offer flexible work arrangements to their employees. If this is not your case, you could be behind your competitors.
Flexibility is not just an attraction for young workers. Many of your employees are probably part of the “sandwich generation”, which means they take care of their parents and children simultaneously. Flexible working hours could help them manage these responsibilities better. You may even be able to attract candidates looking for this flexibility in their professional life. The important thing is to consider employee productivity rather than hours worked.
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- Protect yourself with a critical person’s insurance
Despite all your efforts to create a dynamic work environment and meet the expectations of your employees, departures are sometimes inevitable. Some will leave your company for a new adventure. Others will face an unforeseen change, such as a spouse relocating for work or a sudden illness. You can’t help it; that’s life.
You can always train employees for different positions and thus create a talent pool. But the departure of a key employee is still a significant challenge. This is why you need to think about the consequences of releasing a key employee. It can be not easy to replace an employee whose specialized skills or knowledge contribute significantly to the growth and success of your business.
Losing a key employee has actual costs, ranging from lost profits to the expense of finding a replacement. This is why critical person insurance is an asset when misfortune strikes. You will be prepared if a key employee becomes ill, suffers an accident or dies. You can get working capital through life insurance, disability, and critical illness insurance. Your creditors will be reassured, and you will be able to compensate for lost income while waiting to find a replacement.