A good economy is good for employers, but it has a downside—the decreased supply of skilled and talented labor. The lower the unemployment rate, the harder it is for businesses to attract and retain talent. To compete for workers, some employers will offer higher wages and more enticing benefits. Employers who can’t afford to spend a lot more money aren’t out of luck, though. While compensation and benefits obviously motivate employees, they’re not the only way to motivate them.
Creating a great workplace culture and developing employees with their career paths in mind are two proven ways to build employee loyalty. Employees want to work at a place they enjoy going to each day, they want to feel like their contributions matter to the success of the organization, and they want to expand their knowledge and improve their skills. Employers who help their employees with these matters and may soon find themselves able to offer competitive salaries and benefits as well!
To learn more about attracting talent in the workplace, contact CyQuest today!