Finding loyal, top-notch employees is one of the most daunting challenges business owners face. In a highly competitive job market, where major corporations hold all the cards, smaller companies tend to struggle not only to attract reliable, talented workers, but also to retain them after a year of service. How can managers and founders instill loyalty in new hires without offering them the moon?
Some of the most effective tactics include cosigning for education loans, offering thrift saving matching plans, including routine dental and vision benefits in onboarding packages, and making yourself available to serve as a mentor to select employees when the time is right. There’s no surefire approach that can guarantee someone will remain with the company for years or decades. However, it can’t hurt to consider leveraging the power of one or more of the following strategies.
Cosign for Student Loans When Necessary
Entrepreneurs and owners who occasionally cosign for their workers’ student loans are setting themselves up for success. That’s because most of those who need financial help for college intend to remain on the job, at least part-time, while in school. Additionally, many of these diligent workers continue in a full-time capacity as they toil away at schoolwork as online students. Some carry full loads, but most tackle the college challenge as part-time students while working normal hours.
As a founder/owner, you can become an Earnest student loan cosigner with the stroke of a pen. The main benefit for the applicant is that he or she stands a better chance of being approved for financing with a cosigner. A bonus advantage for them is that they are almost assured of a more competitive interest rate than if they applied without a cosigner. The upshot for the future graduate is potentially lower monthly payments due to a more favorable interest rate, neither of which would be available to them without a cosigner.
Dental, Vision, and Mentoring
Those who are engaged in the search for full-time jobs that could become careers pay close attention to benefits packages. These days, it’s a rarity to find a small company that gives its workers a chance to enroll in low-cost or no-cost dental and vision plans. Likewise, companies that help newly hired team members find in-house mentors are even rarer. It is critical that you protect your employees health whenever possible and adding all three of these unique offerings to your menu of benefits can do just that as well as offer maximum benefits.
Set Up a TSP Matching Plan
Even small businesses can attract top talent by offering thrift saving match plans for workers who have stayed on the job for at least one full year. Most large corporations used to include matching arrangements as part of benefits menus, but that’s no longer the case. Benefits packages are shrinking in every industry as companies cut costs to stay competitive in a weakening economy. In the 2020s, it’s difficult for entry-level employees to find an employer with a TSP, and even more of a challenge to find one that matches between 1 and 5% of amounts contributed to the accounts. For owners, the proposition can be a pricey one, but it pays long-term dividends in the form of being able to build an elite workforce.
