Growing Your Business

3 Tips for Attracting and Retaining Employees in Today's High Employment Environment

8/12/2015

After spending years in the doldrums, the employment picture in the U.S. continues to brighten. The unemployment rate has been dropping steadily for nearly six years years, falling to 5.3 percent in July — a level not seen since the spring of 2008.

Also, the Labor Department’s most recent Job Openings and Labor Turnover Survey reported that the number of job openings has reached the highest level since 2000. So what does the improving job picture mean for businesses that are looking to hire and retain employees?

No Longer a Buyer’s Market

Back when unemployment was high and lots of skilled workers were looking for jobs, it was essentially a “buyer’s market” in talent. Many employers weren’t too worried about losing good employees because, hey, who was going to walk away from their job in that kind of employment environment?

But this is dangerous, short-sighted thinking. Why? Because there’s always a high demand for the most skilled and talented employees, regardless of what the national unemployment rate might be. With the employment picture improving, it’s especially critical to focus on strategies that will help you attract the top-notch employees you need to succeed — and then keep them on board once they’re hired.

“If you are hiring, ensure that you offer a competitive compensation package and benefits, along with growth opportunity,” says Jeffrey B. Mathews, CPA. “And to retain employees once you’ve hired them, you should periodically conduct performance reviews to let them know how they’re doing when it comes to reaching their growth potential.”

Too Few Qualified Candidates

Mathews notes that while there are lots of job openings right now, there is an overall lack of qualified candidates to fill many of them — especially positions that require a high degree of specialized knowledge and skill. “Here, give some thought to hiring a candidate for whom you may need to provide some additional training and supervision,” he says. “Every business wants to hire the best employees, but right now there simply aren’t enough of them to go around.”

Lee Reams II CEO of TaxBuzz echoes Mathews’ observations regarding the lack of qualified applicants to fill open positions. “We’re hiring but we’re having a tough time finding qualified candidates who have the skill sets needed in a technology world,” he says. “Our biggest issue is that there’s a huge pool of low-end and high-end candidates but not much in between.”

In this scenario, Reams says businesses either need to invest heavily in training for new hires and hope they’ve chosen wisely, or pay top dollar for employees who might be overqualified. “You’re taking a risk either way,” he says.

What You Can Do

Here are three tips for finding, hiring and retaining the right employees for your business in today’s employment environment:

Make sure your compensation is competitive. “A competitive compensation package including benefits is absolutely essential if you want to attract and keep the best employees,” says Mathews. The basics like health insurance, a retirement plan and paid time off are considered a given by most employees, so you may have to sweeten the pot with a bonus or profit sharing plan if you want to land employees who are at the top of their field.

When setting wage and salary levels, one strategy is to pay a little bit more than your competition — maybe five to 10 percent more. This will make it less likely that your best employees jump ship to a competitor for a little bit more money.

Let employees know that they can grow with your company. “To attract the best candidates, we highlight upward mobility and growth opportunities in the company,” says Reams. “We make sure employees have the opportunity to grow as the company grows.” Saint Petersburg based Tom Gargiulo, E.A. stated "it is imperative as an employer to reward and recognize employee growth by providing the opportunity to be promoted, take on new responsibilities, and reach their full potential."

A big part of this is casting an overarching vision for your company and then sharing this will all of your employees. More importantly, make sure they know where they fit into this vision and what kinds of growth opportunities it will present for them in the future.

Provide plenty of rewards and recognition. Some studies have indicated that public recognition and praise are just as important to many employees as financial compensation. So be generous with praise when employees have earned it — for example, by verbally highlighting an employee’s success at a company-wide meeting or in your internal newsletter or intranet, or singing an employee’s praises to a client during an important meeting.
Be flexible. Gargiulo stated, "in a transitioning labor market, I believe that two main aspects are key to retaining employees: flexibility and opportunity. A flexible employer works with the employee to strike a balance between their personal and professional lives. A few examples of this are the ability to work remotely from home and, if possible, changing work hours to fit their schedule."

The bottom line: It pays to be proactive in your employee recruitment and retention efforts. Failure to stay ahead of the curve in this area will keep your business from attracting and retaining the employees you need for success.

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Lee Reams, BSME, EA

Editor-in-Chief

Besides his role at CountingWorks as an educator and speaker to thousands of accountants nationwide, Lee manages a technical research service for a large group of tax accountants which sharpens his technical skills. Lee served on the Board of Blackline Systems, is a former Board of Director for the California Tax Education Council, is a Past President of the San Fernando Valley Chapter of Enrolled Agents, Member and Past Director for the California Society of Enrolled Agents.

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- Professional Judgment: TaxBuzz AI is a tool to aid tax professionals in research and analysis. It is not a replacement for professional judgment, and users should exercise their expertise when interpreting and applying the information generated.
- Consultation with Experts: While TaxBuzz AI provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz AI, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz AI is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz AI does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz AI, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz AI constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz AI.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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