Your company’s success is dependent upon not only attracting and hiring top performers, but also the ability to retain them!
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APRIL SHOWERS BRING MAY FLOWERS…let’s take another example from nature and give a nod to the importance in keeping your employees engaged and productive on the job in order for your small business to bloom and thrive. “Feeding” and “nourishing” your employees can help you retain them.
This month’s newsletter speaks to several ways to do that. As we understand that unemployment in MA was 3.5 percent last month and full employment is considered 3.0 percent, a company’s success is dependent upon not only attracting and hiring top performers, but also the ability to retain them!! The companies who do this well will be the most successful as employees are the largest asset in all companies, as we know!
Key Employees Management Staff With Low Unemployment Employment Branding For Top Performers For Sales Growth Before Interviewing Strengthening Recruiting
Consulting Key & Exec Comp Reviews & Analysis Wealth Management Training Implementation For Retention Maximizing ROI
For Hiring For Managing For Promoting For Understanding For Retention For Growth For Team Building Etc.
Basics As the leader When hiring Getting along Getting Results Project Management Day to Day
Customized Services Consulting/Coaching Support Types of Owners Thriving with Style Your Owner Profile Project Management Growing Revenues Off-loading Succession Planning Getting to the Next Level Growing Infrastructure Problem Solving Training
SELF EVALUATION of PAY PRACTICES can be Helpful to Employers with the MEPA deadline of July 1, 2018 for all employers in MA
With the Massachusetts Equal Pay Act in place as of July 1 this year, there is work to be done in getting your company into compliance. According to the new law overview on the Mass.gov website: https://www.mass.gov/service-details/overview-of-the-massachusetts-equal-pay-law employers have an affirmative defense if “An employer who violates MEPA is generally liable for twice the amount of the unpaid wages owed to the affected employee(s)—the differential between the employee’s wages and the wages paid to an employee of a different gender performing comparable work—plus reasonable attorneys’ fees and costs. However, the law provides a complete defense for any employer that, within the previous three years and before an action is filed against it, has conducted a good faith, reasonable self-evaluation of its pay practices. To be eligible for this affirmative defense, the self-evaluation must be reasonable in detail and scope and the employer must also show reasonable progress towards eliminating any impermissible gender-based wage differentials that its self-evaluation may reveal.
Although the website goes on to say that an employer will not be penalized for not conducting self-evaluation of salary practices it is our opinion that it is probably a good idea to put one in place as a proactive way to help ensure compliance and to not be subject to these fines.
If you are interested in obtaining more information on a self-evaluation of your organization’s salary practices, our team of compensation experts will be happy to oblige. We can support these efforts on a first come first served basis. Complimentary consultations are available.
Recruiting & Retention
What are you NOT SEEING in your job candidates during the hiring process that is hurting you?
So you have hired a number of employees and you know what skills are needed to be successful in various roles.
Some Hiring Facts…..Did You Know That:
2/3 of your hires will prove NOT to be top performers within 12 months
33% to 50% of resumes contain omissions, misrepresentations, exaggerations or lies
83% of workplace fraud offenders have no criminal record
Top Three People Problems
Incompetence: Too Few Top Performers
Incompatibility: Personality or Culture Fit
Dishonesty: Incompatible Priorities or Worse
What are your organization’s top three and what can you do about them?
So you want to hire more top performers….who will love working for YOU and be effective in their roles and also be long term employees….yes?? Working with assessments can help you understand what the resume and interview do not typically get to (the interview and resume are like the tip of the iceberg…two thirds are not seen in the usual hiring process…these include thinking style, behaviors and interests that can help identify top performers for your open positions.
The assessments also can give you and your managers’ insight into how you can work with your teams and the team’s ability to work together on a day to day basis.
Not only are assessments powerful in an objective hiring process, they remain powerful throughout the entire talent life cycle providing an objective basis for promotions, managing staff and right people for the right jobs!!
Employee Benefits/Key Employee Perks-Compensation
Are you offering the most desirable benefits/perks that are within your BUDGET and those that can help retain key employees/managers/execs?
It is a good time to review your employee benefits package, executive perks, key man insurance and other benefits to see if you are getting the best ROI for your investment!!! There are some creative ways to ensure that your key employee (s) stay with you over a critical period of time that makes sense for you and that you don’t lose them to a competitor...
Benefits and key employee perks can also help with succession planning and retention in general…Do any of these things resonate with you??? As a small business owner, when was the last time that you reviewed all of the health plans and other benefits to see if you are offering the BEST and most DESIRED benefits to your employees at the BEST price AND the options you have to retain key folks at your company??? If you are working with an insurance agent, they will recommend the products that they sell.
If you work with one of our BENEFITS EXPERTS, you will have the ability to understand what benefits are most desirable to employees today, how to ensure that you hang onto key members of your staff and have the ability to review all benefits across the scope of the offerings in the marketplace today.
There is no cost and it could help with retention, so why not take action now?? What do you have to lose, except an employee taking another position as they were offered benefit (s) and/or perks that you didn’t know were desirable?? Now is the best time to take a look. Talk to one of our BENEFITS EXPERTS in a complimentary consultation to see how a review can benefit YOU!
Traditional Annual Performance Reviews: Can They Hurt Your Company?
Did you know that traditional performance reviews are being tied to specific turnover rates? Some companies are seeing that they have an increase in turnover after annual reviews take place. Yikes! Why is that? What can you do about it? Why WOULD you want to do something about it? What is taking their place?
There are other company examples as well, if you would like to review more case studies. If this interests you the question then becomes: How can I as a small business owner adopt this change EASILY and EFFECTIVELY, and HOW WOULD IT BE EMBRACED BY MY EMPLOYEES, yes??
There are various options out there that could work well for the small business organization!!
There are many moving parts to being a small business owner. We specialize in helping the small business owner with the challenges that keep them up at night in relation to their people, their profits and the planet (the community that they live and work in).
If we haven’t hit on a topic that interests you yet, please reach out and contact us to see if there is synergy between our two companies and if we have solutions for you.
After 30 plus years as a small business owner….as Farmers Insurance says…"we have seen a thing or two" so we may be able to help.
We believe that small businesses deserve the resources and solutions that the big companies have, but at a small business price tag.
The information contained within this newsletter is timely and is not to be confused with legal advice. For specific legal advice, contact your attorney as always.
To schedule a discovery meeting to see if we are a good fit for you on any of these topics or others. Feel free to reach out to Kathy Barron at Kbarron@accurateresourcegroup.com or direct line: 1.508.769.7374.
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Accurate Resource Group, Inc.
1900 West Park Drive, Suite 280
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