Big Grower September 2019 - 9

MANAGEMENT
When selecting these, it is important to listen to your employees. As
a business leader, you do not have to be the sole brainchild of these
programs. Let your people tell you
what they want and then weigh
the cost/benefit of implementing
these programs. HR professionals
seeking to make recommendations
really need to build out return on
investment models to help company
leadership buy into the spending and
see the organizational benefits.
By focusing on the benefits and
perks recommended by your people,
you may gain another amazing
outcome from your employees
- gratitude. After all, most employees
want to feel valued, like they are
heard and their contributions matter.
When you listen and implement
employee ideas, you show them their
value and that you do indeed listen.
This alone will go a long way to
increasing employee retention.
Outside of the three
core healthcare benefits,
there are many wellness
program components
and perks that you can
offer that are relatively
inexpensive.
WHERE TO START?
Each company is different but a
good place to start is with the base Employee Benefits Prevalence report
from SHRM, a free resource that covers all U.S. industries. Because it is
free and covers all U.S. industries, you may not initially see the value for
your specific situation.
The value in this report is in opening your eyes to what is available,
what is being used and how often by looking at the percentage of
surveyed companies offering, not offering, and planning to offer in the
coming year for any particular benefit, wellness element or perk. SHRM
also has fee-based reports that are more targeted and customizable, and
there are vendors who can also
provide more relevant information.
We recommend reviewing these
reports every one to three years to
stay on top of market changes.
The combination of these benefits
can often be far less expensive
than simply paying more money
for each employee. Some can stem
from relationships with other
businesses in your geography. Some
can be a cost upfront that is offset
by retention improvements and
decrease in recruitment needs, the
performance improvement by your
workforce and other efficiencies
that stem from a knowledgeable,
well-trained, healthy and fully
engaged workforce. The ROI
calculation by your HR department
should reveal these overall savings,
and often they are substantial.
So, when people ask you how you
are able to grow and retain people
so well, just look them in the eye with a smile and say, " The secret is in
the sauce. "
Michael Maggiotto, Jr. is a senior human capital advisor at BEST Human
Capital & Advisory group and leads the human resources advisory services
as well as providing retained executive search. He can be reached at
mmaggiotto@bhcagroup.com.
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Big Grower September 2019

Table of Contents for the Digital Edition of Big Grower September 2019
