Small business owners are more optimistic than they have been in a decade, according to a new Wells Fargo and Gallup small business survey.
But with the potential for business growth, employers now face challenges that they have not faced in a decade – how to retain productive employees.
After years of stagnant wage growth, the Society for Human Resources Management national survey on employee satisfaction shows a reasonably upbeat workforce but a pent-up urge to find better jobs.
According to the HR report two out of five employees expressed, to some degree, the possibility of seeking employment outside their organization within the next year.
The business owners surveyed said retention of quality hires is now becoming a concern.
According to John Sarno, president of the Employers Association, some employers are thinking about making long-deferred but necessary investments in productivity and re-training current workers.
“Employer are still not rushing to increase pay but many are looking at HR strategies that are cost-effective, such as enhanced benefits and flexible work schedules” said Sarno.
Employee morale is becoming an important business asset. It drives productivity and growth.
Sending a message that your company clearly values profits over people dampens employee morale faster than almost anything else, according to a report published by Inc. Magazine.
“The people who stay with a company that sends the message that people are less important than profits are likely to be underperformers. It’s not that profit or growth aren’t important, but keeping the people who make profit and growth happen ensures that your company will move forward. So, show them that you value them.” the report suggests.
To help its employers retain talent as their business moves forward, the Employers Association of New Jersey has launched an Employee Assistance Program (EAP).
“It’s a way to value employees. It’s a great way to show employees that you care about them and their families without spending a lot of money, quite frankly” says Sarno.
Family/life crisis and other life challenges can take their toll on employees. Valued employees are often left to fend for themselves, sometimes with the worst of consequences, says Sarno.
“EANJ's Employee Assistance Program provides employers the tools to care and support valued employees and to restore them to productivity and well-being when they confront life’s challenges or when they are overwhelmed” says Sarno.
Managed by Preferred Behavioral Health Group, EANJ members can offer extensive, comprehensive, statewide assistance to employees and family members.
Also, an entire series of management and supervisory training can be provided at an employer’s location to enhance productivity and morale.