Unusual Benefits a Small Business Can Offer to Improve Retention
Unusual Benefits a Small Business Can Offer to Improve Retention
Hiring and Employee Retention are two of the most important aspects of running a successful small business. One of the keys to hiring and retaining top talent is by offering benefits and incentives that go beyond just the typical salary and healthcare packages offered by many small businesses. Here are six examples that we have seen clients of Innovative Outsourcing us to keep employees happy, engaged, and loyal.
1. $100/month to Gym Membership
Offering a monthly stipend for a gym membership is a great way to promote health and wellness among your employees. This benefit not only shows that you care about your employees’ well-being but also encourages a healthy lifestyle.
2. Mental Health Care
Providing access to mental health care resources can be an important retention lever, especially in a world where mental health is increasingly important. Offering employees that the employer will pay for the first three visits for example. Or providing them resources like a mental health help line. This will help ensure that your people are taking care of their mental health, which in turn can lead to increased productivity and engagement at work.
3. Financial Counseling
Providing access to financial counseling can help your employees manage their finances more effectively. This can include services such as budgeting advice, debt management, and retirement planning. When employees feel financially secure, they are more likely to be happy and engaged at work. It also shows that you are taking care of them!
4. Volunteer Days Off
Many employees are looking for ways to give back to their communities. By offering volunteer days off, you are not only providing an opportunity for employees to do good but also showing that you care about their interests and passions.
5. Giving Profit Percentage to Non-Profit
Consider donating a percentage of your company’s profits to a non-profit organization that aligns with your company’s values. This can not only benefit the non-profit but also show your employees that you are committed to making a positive impact in the world, which is especially important to millennials and Gen Z.
6. Yoga/Workout Classes at the Office on Wednesdays
This one might seem crazy and I get that. However, offering yoga classes or workout classes at the office can be a great way to promote wellness and relaxation among your employees. Yoga has been shown to reduce stress and increase productivity, making it a win-win for both your employees and your company.
In conclusion, offering unique retention levers can help you keep your top talent engaged and loyal. Whether it’s through promoting health and wellness, offering financial counseling, or providing opportunities for employees to give back to their communities, these benefits show your employees that you care about them as individuals and not just as employees.
Small Businesses Required to Perform In-Person I-9 Verifications
I enjoy talking about culture, retention, and best hiring practices of HR. However, compliance is an extremely important part of HR, and these new I-9 Regulations will affect small businesses. So this may not be the most exciting newsletter for small businesses, but it is necessary.
The Department of Homeland Security (DHS) and Immigration and Customs Enforcement (ICE) announced that employers in the United States will have until August 30, 2023, to physically inspect the identity and employment eligibility documents of employees whose Form I-9 was completed virtually due to COVID-19 flexibility provisions.
During the pandemic, in-person reviews of employees' original identity and employment authorization documents were deferred. Instead, employers were permitted to conduct virtual or copy reviews of the documents, with the expectation that a physical inspection would occur when normal operations resumed.
Now that flexibility provisions are ending, employers have until August 30, 2023, to perform all required physical examinations of identity and employment eligibility documents for those hired on or after March 20, 2020, whose identity and work eligibility documents were examined virtually or remotely according to the flexibility accommodations. Employers must write "documents physically examined" with the date of examination in Section 2: Additional Information on the Form I-9 or in Section 3, as appropriate.
Employers should consider different scenarios when performing physical reviews, such as the same or different employer representative conducting the review and distinguishing between expired List A or List C documents that require reverification or not. If the employee is not in proximity to the employer, an authorized representative may complete Section 2, and the employer is liable for any paperwork deficiencies in the Form I-9 completed by the authorized representative.
In conclusion, employers in the United States have been given a deadline of August 30, 2023, to complete physical inspections of identity and employment eligibility documents for employees who had their Form I-9 completed virtually due to COVID-19 flexibility provisions. Employers should be aware of the different scenarios and follow the guidelines provided by DHS and ICE.
This was just announced last week, and we do expect final regulations to come out at some point soon. If there are any changes, we will continue to keep you updated.
Sales Pitch of the Day:
The HR Audit is a tool designed for small businesses in any industry to identify the strengths and weaknesses of their HR function.
We evaluate the 14 areas of HR from compliance to retention. We develop an HR strategy to make your employees proud of where they work. Watch the video to the right for more information or visit our HR Audit Page on our website.
How to Lead Teams in Economic Uncertainty
HR Strategy: Leading Teams in Economic Uncertainty
I am hearing from our clients daily about the state of the economy, and the uncertainty in the market. CEOs see some of the signs of 2008, but do not know how to prepare if a recession is looming.
Although I do not have the expertise to talk about cash flow management, I can talk about what you can do with your team from a leadership perspective. During the pandemic, I told our clients that decisions they made with their employees then will affect what happens the next two years. I will say the same about right now. Here are 4 ways you can lead your team during these uncertain times (or a 3-minute video if you prefer):
1. Communicate Often - This is when you should communicate more than normal as the CEO or business leader. If everything is fine at your company, let your team know that you are not going out of business. If you need to tighten budgets, tell them that. Do not let them hear through the grapevine what is going on at the company. Be direct, share KPIs, and let them hear from you often.
2. Ensure Job Security - If you are not planning on layoffs, tell your staff that as soon as possible. That looming threat often causes people to look elsewhere if they feel there is a threat to their role. Just telling your people that layoffs aren’t on the table (if that is true), will reassure people, and will encourage productivity without the thought of layoffs looming.
3. Show Empathy - The news is very negative out there. I actually recommend just acknowledging that. Tell your team that you know the news is rough and the markets are concerning. Understanding the concerns they might have will be oddly assuring.
4. Be Large and In Charge - Employees want to see their CEO be a leader worth following. People want a leader that has a vision and a plan, and who is not easily rattled by what is coming. They want to feel secure and know that their CEO is in control of the ship. We, as leaders, do not always have all the answers. However, when we are in front of our team, it is time to be confident and lead.
Strategies to Consider:
1. It is a great time to hire - If you are a company that sees no signs of slowing down, now might be one of the absolute best times to find great talent that we have seen in years. The clients we have worked with in the last month are seeing exceptional candidates!
2. Start the preparation for the worst - If you must, figure out a plan with your leadership team around what positions might need to be eliminated if a downturn turns worse. We learned in 2008 that you don’t want to wait on these decisions too long. Have a list of possible jobs that could be eliminated first (and the lowest performers listed), which could be a huge help if we get to that point.
Two Ways We Can Help:
1. There are always HR questions that come up when things are shaky - so please don’t hesitate to call me (30 minutes is always free). Email me to set up a time!
2. For the first time in two years, we are having a hiring sale. We are lowering our recruiting fees for the month of April to help small business that might need help during these times. Now’s a good time to get a deal with our fees! Email us if you are interested.
Sales Pitch of the Day:
The HR Audit is a tool designed for small businesses in any industry to identify the strengths and weaknesses of their HR function.
We evaluate the 14 areas of HR from compliance to retention. We develop an HR strategy to make your employees proud of where they work. Watch the video to the right for more information or visit our HR Audit Page on our website.
Unpopular Opinion: Why Right Now is the Best Time to Hire
Unpopular Opinion: Why Right Now is the Best Time to Hire
You might not be thinking this, but right now is a great season to hire. Have you heard the phrase: "Buy when no one else is buying"? You might hear this in the stock market or real estate world, but it is also a good hiring mantra.
Here are 5 reasons why you should be hiring right now:
1. This Economy: Many companies might be freezing hiring or spooked about the layoffs at big tech companies and what that means to the economy. The savvy small business CEO is going to know that this is a rare opportunity to pick up "A+ Players" for their organization. If you start to hire now, your candidate pool will be larger than when the markets start to go back up (which we all know it will). If your company had a great year or this small recession is not affecting you, we recommend hiring now!
2. Concern About Current Employer: Many employees are getting concerned about the profitability of their current organization. If you are stable and growing, you will be able to attract candidates that may not have been looking for a new role before now.
3. Less Competition for Talent: Less employers hiring generally means more favorable outcomes in quality and salary (something that was far from the case in 2022). In a time when hiring is slowing across the country, it is easier to find "A+ Players" that are willing to make a move. If you wait until conditions improve, you may have missed this unique opportunity that your competition is not taking advantage of.
4. The Right Time of the Year: On the candidate side, employees have time off around this time of the year. This means they are on their computers taking time to look for something new. Statistics show that when employees have down time, they often spend it wishing and searching for new situations. On the employer side, less companies start recruiting at the holidays because they want to “hire at the beginning of the fiscal year”. In January, the market will be flooded with work and your job will just be one of many when it could stick out now.
5. Put Employees on Innovative Outsourcing's Payroll: We can put your employees on our payroll. This is a no-risk approach to hiring. For both part-time and full-time positions, we can keep W-2 employees on our payroll for as long as you like.