Episode #21 Beyond the Paycheck – How to Attract and Retain Top Talent

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Hello and thanks for joining me today for podcast episode number 21. 

Thanks for being here today!  I had another topic planned for this episode, but at the last minute, I saw a headline that I just couldn’t walk away from. Have you read about Google’s “Summer Special”?  

Reportedly, the offer Google extended to employees reads something like this: Imagine not needing to travel to work in the morning. You can have an extra hour of sleep. You can grab breakfast quickly or work out before your workday begins. After work, relax on the rooftop deck or take part in fun local activities.

Apparently, in a bid to encourage employees back to the office, Google is offering a special deal where employees can stay at a hotel located on the 42-acre work campus in Mountain View, California for $99 a night this summer. Google hopes the discounted room rate will help their workers adjust to a mix of working from home and at the office.

While this is being offered as an employee perk, employees have to pay for the room with their own credit cards.

Oh my, Google. Oh my.

But, this got me thinking. I know many of my conversations over the years with businesspeople and personal friends end with a consensus that employees feel underpaid but small business owners struggle to afford higher salaries. Wages paid to an employee are a quantifiable amount, right? I mean employees get a W2 every January giving them a summary of their wages.  

What is missing from that W2 is what can make your firm special to the right people: employee benefits. 

Benefits for the Employer

First let’s step back and make sure that we understand several reasons why employee benefits matter to you as a business owner.

1. Improved Recruitment: A robust benefits package can help attract top talent in a competitive job market.
   
2. Increased Retention: Employees are more likely to stay with a company that offers valuable benefits, reducing turnover and the costs associated with hiring new employees.
   
3. Higher Productivity: When employees feel valued and their needs are taken care of, they are often more productive and engaged at work.
   
4. Better Company Culture: Offering benefits can foster a supportive company culture, making the workplace a more positive and appealing place to work.
   
5. Positive Business Reputation: Companies known for taking care of their employees tend to have a positive reputation, which can enhance relationships with clients, partners, and the wider community.

Benefits for the Employee

What about how employees benefit?

1. Increased Job Satisfaction: Employee benefits, especially when tailored to individual needs, can make employees feel valued and satisfied with their jobs.
   
2. Enhanced Work-Life Balance: Benefits like flexible hours, remote work options, or child care assistance can help employees balance their personal and professional lives.
   
3. Improved Health and Wellness: Benefits such as health insurance, gym memberships, and wellness programs can help employees maintain their physical and mental health.
   
4. Financial Security: Retirement plans, life insurance, and other financial benefits can provide employees with a sense of security for their future.
   
5. Attractive Compensation Package: Comprehensive benefits can make the total compensation package more attractive, beyond just the base salary.
    

It’s More Than Health Insurance

Of course, we can’t compete with the Googles of the world, and honestly, who would want to when they think it’s an employee benefit to get a discounted hotel rate so they can roll out of bed and bounce over to their office for work?  But what can small business owners potentially offer to our employees to retain our star people and attract new top talent?

I’ve made a list of almost 40 employee benefits – most of the list are free or low-cost benefits. You probably offer some of these already, and I’m not suggesting you offer all of them. Surely, not all of these will work for all businesses. But, I hope this list inspires you to consider adding a few that your employees will thank you for and appreciate you even more.

Free Benefits

Let’s start with some free benefits.

1. Flexible Working Hours: Allowing employees to adjust their start and end times can significantly boost morale and work-life balance.
   
2. Telecommuting/Remote Work: Providing the option to work remotely can increase employee satisfaction, especially for those with long commutes.
   
3. Casual Dress Code: Implementing a more relaxed dress code can create a more comfortable working environment.
   
4. Recognition Programs: An employee of the month program or regular acknowledgment of achievements can boost morale.
   
5. Mentoring Programs: These provide employees with opportunities for personal and professional growth.
   
6. Job-Sharing Programs: Allowing employees to share responsibilities can boost productivity and work-life balance.
   
7. Training and Development: Offering free, employee-led workshops can help employees expand their skills.
   
8. Volunteer Opportunities: Encouraging employees to give back to the community can increase company morale and provide networking opportunities.
   
9. Regular Performance Feedback: A consistent feedback loop can lead to improved work quality and morale.
   
10. Health and Wellness Programs: Offering things like wellness challenges or mindfulness sessions can help maintain employee well-being.
    
11. Pet-friendly office: If possible, allowing employees to bring pets to work can improve morale.

Low-Cost Benefits

How about a few low-cost benefits?

1. Employee Discounts: You could offer employees discounts on the company's services.
   
2. Small Company Events: Regular team lunches or small celebrations for birthdays and holidays can build team cohesion.
   
3. Employee Assistance Programs (EAP): EAPs can provide support for employees dealing with personal issues.
   
4. Employee Referral Programs: Offer a bonus for referring successful job candidates.
   
5. Subsidized Public Transit: Helping to cover commuting costs can be a valuable benefit for many employees.
   
6. Group Rates on Auto/Home/Health Insurance: Many insurance companies offer reduced rates for group policies.
   
7. Free Meals: Buying meals at work can increase satisfaction and productivity.
   
8. Book Clubs or Professional Development Clubs: Providing materials and time for these activities can boost skills and morale.
   
9. Office Comforts: Investing in ergonomic office furniture or quality coffee and tea can improve the work environment.
    

Premium Benefits

These benefits will cost you money to offer, but the increased employee loyalty can be priceless.

1. Gym Memberships: Some employees highly value fitness benefits like discounted or fully paid gym memberships.
   
2. Student Loan Assistance: Help employees pay off their student loans by contributing a certain amount each month.
   
3. Professional Development Funds: Set aside money for each employee to attend conferences, take courses, or purchase books related to their work.
   
4. Wellness Programs: These can include things like nutrition counseling, smoking cessation help, or stress management classes.
   
5. Housing Assistance: Some companies in high cost-of-living areas offer housing assistance to make it easier for employees to live nearby.
   
6. Concierge Service: These services can help employees with personal tasks like picking up dry cleaning or grocery shopping.
   
7. Paid Volunteer Time Off: Allow employees to take paid time off to volunteer at a nonprofit of their choice.

Highly Desired By Employees

This discussion can’t be complete without mentioning benefits that will cost an employer to provide, but are the top benefits requested by employees:

1. Health Insurance: Comprehensive health insurance is often at the top of the list for employees.
   
2. Paid Time Off: This includes vacation time, sick leave, and personal time.
   
3. Retirement Plans: Employer-matched contributions to retirement plans can be a significant draw.
   
4. Dental and Vision Insurance: These additional insurance plans can be very important to employees.
   
5. Life Insurance: Some employees value the peace of mind provided by life insurance.
   
6. Child Care Assistance: Whether it's on-site daycare or assistance with childcare costs, this can be a big help for working parents.
   
7. Parental Leave: Paid maternity and paternity leave can be a significant factor in job decisions.
   
8. Tuition Reimbursement: Employees looking to further their education may seek out employers that offer this benefit.
   
9. Performance Bonus: Financial recognition for hard work and success can motivate employees.
   
   

Listener’s Question of the Week

And now, it’s time for our Listener’s Question of the Week!

This week’s question is from Max.  I haven’t heard you speak about marketing, but I need an unbiased opinion and I am hoping you are inclined to answer. I am in a debate with my marketing guy right now because he wants to update my website to collect email addresses in exchange for a free resource. I hate how clogged up my inbox is with worthless emails. So, I don’t see the value. What are your thoughts?

Hi Max. I do understand the dilemma. I too am unhappy when I get into the office each morning and see 15 emails in my inbox that are crap.  But, I agree with your marketing guy.  Here’s why.

I know my preferred leads are word of mouth referrals. You may have a great firm built up just from referrals. The truth is referrals are not consistent and not always your ideal client. There may be a day when this faucet is turned off through no fault of your own.

Paid ads, whether online or in print, are expensive and can be hit or miss without putting effort into testing and refining them over time.

Social media platforms evolve. You could be very personable online and build up a huge following. But, are they following you for entertainment value? What happens when your account gets shut down because a hater reports one of your posts for spite? Also, you can’t guarantee that those you want to see your posts are in fact seeing your posts. Or Twitter…I mean X – probably best to leave this one alone.

However, when you collect email addresses, you have the most control over the connection with both clients and leads. I hope I can persuade you to reframe your mindset on this. If you add a free resource on your website and someone downloads it, it is because the person wants to know what you have to say. Leads will gravitate to those who they know, like and trust. By giving you their email, they want to get to know you better.

With an email list, you can periodically check in with people: a monthly newsletter, an urgent notice, and more. Here’s where you are going to be different from the junk emails in your inbox – plan your emails so they contain value. Let people get to know you better. To trust you. So, when they need you, you are their first call.

The best part is that your email list will trim itself. If someone signed up for your list and they don’t understand or appreciate your emails, they will unsubscribe. And, that’s ok. They were not your ideal client.

If I still haven’t changed your mind, I heard a recent statistic that for every $1 you spend to create an email, you should expect a return of $42 in income.  That’s a phenomenal ROI – far better than most other marketing efforts. 

So, I challenge you – what’s the worst that can happen? Let your marketing guy add a lead capture form on your website. If people sign up, you can choose to do nothing with the list of potential clients. If people don’t sign up, nothing has changed.

If you would like to submit a question for a future episode, please send an email to [email protected].

Inspirational Quote

This week’s inspirational quote is from anonymous, “You cannot change what you did before but you can change what you will do next.”

Final Thoughts

Final thoughts for today! 

I hope you walk away from this episode with one new benefit to offer to your employees.

In fact, I challenge you to personally tell an employee thank you or give an employee a handwritten thank you note.  I’m serious that a little bit goes a long way.

And, regardless of which employee benefits you decide to offer, let me share with you a secret. Tell each employee how much you have spent on them this year. At the end of the year, write a letter and include either a list or graph that conveys to each employee how much they truly earned.

For example, gross pay is obvious, but add to that the cost of the employer’s contribution to their FICA, how much you paid for their gym membership this year or how much you paid for their training programs or cell phone. Remind them also of their free benefits.

Being transparent can help them to understand how much they actually make which is more than their gross wages.

Before I sign off for today, for listeners of my podcast, you have an opportunity to get a copy of my newly published book for free! 

“Stop Struggling and Start Thriving: A Guide To Transform Your Law Firm”

Download the Free PDF Now 👉 CLICK FOR FREE BOOK

Also, it is available for purchase on Kindle or paperback HERE.

If you have any questions about today’s episode, feel free to comment if you are watching on YouTube or send me an email to [email protected].

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And before I go – remember profit is something you intentionally plan for in the beginning. It is not a potential bonus at the end of the year!

Thanks, and have an amazing day!

Let’s talk about the importance of employee benefits for small business owners. We’ll talk about why employee benefits matter to you as the employer as much as to your employees.  And, we will discuss nearly 40 employee benefits - at least half of them are free or low-cost - for you to consider providing to your employees.

And, for listeners of my podcast, you have an opportunity to get a copy of my recently published book for free! 

“Stop Struggling and Start Thriving: A Guide To Transform Your Law Firm”

👇 Click the link to download your book today. Let's pave the path to profitability together!

#StopStruggling #StartThriving #LawFirmProfitability #eBook

Download the Free PDF Now 👉 CLICK FOR FREE BOOK

Or it is available for purchase on Kindle or paperback HERE.

Be sure to follow and subscribe to get notifications for future episodes!

✉️ EMAIL: [email protected]
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