Money Management
FOR
IMMEDIATE RELEASE: November 19, 2007
PROGRAMS THAT WILL MAKE YOUR EMPLOYEES THANKFUL
Americans gather together this week to consider the many
things for which they’re thankful. As we take stock, it’s a
good time of year to assess your company policies and
procedures to be sure you’re offering programs that will
make employees grateful to be working for you, according to
the North Carolina Association of CPAs. A 2006 survey by the
Society for Human Resource Management found more than
three-quarters of American workers were looking for new
jobs. In this competitive hiring environment, it’s a good
idea to reward your talented staff members for their
dedication.
COMPENSATION COMES FIRST
Not surprisingly, attractive compensation is a very
important element in employee job satisfaction. That’s why
it’s critical to know the current market rate for various
positions and to make sure you’re offering at least as much.
THE
BEST BENEFITS
Workers have also come to expect competitive health care and
retirement benefits.
CONSIDER TURNOVER COSTS
While generous salaries and benefits may seem expensive,
CPAs advise that the cost to replace unhappy staff can be
even higher, beginning with the costs to productivity when
you hire a bad employee. Expenses also include job
advertising and recruiters’ fees, training, accrued salary
paid to a former staff member and the cost of professionals’
time spent on interviewing and paperwork. You’ll also have
to factor in the cost of opportunities lost and projects
left unfinished while a position is vacant, and perhaps
overtime expenses when other employees pick up the slack. In
the end, it’s likely less expensive to raise salaries or
improve benefits than to cope with constant turnover.
CAREER
ADVANCEMENT IS KEY
If you’re already offering attractive salaries and benefits,
how can you differentiate yourself in the hiring
marketplace? Ambitious professionals often seek out the
strongest chances to advance their careers. As a result,
businesses that have clear career tracks or excellent
training and education opportunities will be at an
advantage. Many companies offer workers some form of tuition
assistance. Similar perks that involve no cash outlays
include formalized on-the-job training and opportunities to
take on greater responsibility. Employees will be less
likely to quit if they’re convinced that working for you is
the key to a great career.
KEEPING
WELL
Wellness programs are another increasingly popular benefit
that will help in your efforts to instill loyalty. They
include smoking cessation workshops, weight loss and stress
reduction programs, and gym memberships or discounts. While
these programs may seem costly to institute, they reduce
turnover costs and health care insurance bills.
OVERLOOKED OPTIONS
There are many other benefits that companies can provide
that will help retain staff. For example, onsite or
emergency child care options can be a very appealing benefit
to young parents. Discounts on company products or services
are a relatively inexpensive benefit that employees will
appreciate. Parking privileges or transit subsidies that
make commuting cheaper or more convenient for staff is
another perk. Depending on your budget, providing free
coffee or lunches will also boost morale.
Small
businesses turn to CPAs as their most trusted advisers. Your
CPA can help you evaluate the cost benefits of various
employee compensation and benefits program, or offer advice
on tackling any other challenges affecting your company.
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Produced
in cooperation with the AICPA.
©2007 The American Institute of Certified Public Accountants
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