Benefits & perks that matter to employees: Set your business apart from the competition

With over 50 million Americans changing jobs, employers across the country are facing serious employment issues. As if hiring new talent isn’t hard enough, there’s now the added challenge of keeping that new talent happy and hired.

You don’t want to lose good employees. But you also can’t keep increasing payroll to compete with rapidly rising salaries. It’s unsustainable. So, what can you do?

First, take a deep breath. You’ve got this. Things are tough right now, but you have the skills to tackle this obstacle. You just need a strategy.

I recommend using the A.R.M. (attraction, retention and motivation) Principles: attract the right applicants, retain your great hires, and motivate your employees in unique ways. These principles work for all companies regardless of size, current economic conditions or the job market.

Attract the right applicants

In every industry, hiring the right employees can change the course of the company. That’s pretty obvious, right? But it’s easier said than done. Hiring the right employees starts with attracting qualified candidates who fit your company culture.

To do this, your job postings need more than the typical bits of information (job title, qualifications, compensation, job type, benefits, etc.). First, think about the kind of person you want on your team — the personal characteristics of your ideal team player. What kind of person do you want showing up to work every day, in person or virtually? Consider their character, work ethic and anything else you find important for your available role. When you identify those characteristics early, it’ll help you weed out unqualified candidates early on. And you’re more likely to attract candidates who meet those expectations when you communicate them up front.

Remember: Your company’s job description is often the first interaction potential applicants have with your company. So, use it to show potential applicants how you feel about your employees and how your business stands out from others. Basically, show applicants why they should want to work with you. Make it worth their time to apply.

Going into this level of detail might be a lot of work up front, but it makes the hiring process so much easier because you’ll get applicants who actually fit with your company.

Retain your top performers

Attracting the right talent and getting applicants through the hiring process is tough work — but it’s worth it. Because when you’ve hired the right employees, you get to have fun! Retaining your talent means finding ways to support those folks so they stay around for a long time.

If your retention strategies are top tier, not only will your employees stick around, but you’ll also have applicants busting down your door trying to get in. That’s a good problem to have!

So, how do you step up your retention strategies? It starts with training your talent. Training is an investment in your employees. And it pays off when those newly trained employees help your company grow. Employees who are constantly growing their skill set will elevate your business within your industry.

But if all you offer is training, your retention efforts won’t succeed. Why? Because employees who learn new skills also need the opportunity to get promotions and earn higher salaries. Internal hires and promotions are the best ways to keep good employees around. They’ll see you’re putting your money where your mouth is: When they learn more, they earn more.

Related: Financial wellness: The No. 1 requested employee benefit

Sure, pay raises cost money. But they’re cheaper than replacing a good employee. Turnover can cost you one-half to two times an employee’s salary. That’s a lot more than the average 4.2% pay raise.

When you value your team’s commitment to growth and promote from within, their morale, productivity and efficiency will skyrocket because they’ll feel supported. That’s a win-win for everyone.

Motivating your employees

After hiring the right employees and investing in them, the momentum within your company will drive your business to new heights. Don’t let it go to waste! Keep your team motivated with benefits and perks that matter to them.

That means casual dress days aren’t enough to keep people around. You need to invest in company benefits, like perks and team-building activities, that set your business apart from your competition. Consider offering financial wellness benefits (like SmartDollar), a health and fitness reimbursement, and HSAs — benefits that will make an actual impact in your employees’ lives.

But most importantly, find what motivates your employees. Talk with them to see what kind of benefits and perks resonate. Your benefits program will be more effective because you’re giving your team what they asked for. And your employees will have even more ownership in the company culture.

Keeping your employees happy and hired

Companies around the country are struggling to figure out how to keep their employees. Even though compensation is important, there’s more to employee retention than just paying more. Commit to excellence by attracting the type of employees you want, retaining your top talent with training and promotions, and motivating your employees with benefits and perks they care about.

You can improve your company’s culture — and you can set the new business standard in your area and industry. And remember: No matter what you do, do it well and serve your employees.

Armando Lopez is the Executive Director of HR for Ramsey Solutions and a voice for SmartDollar, a financial wellness benefit from Dave Ramsey.