At an unemployment rate of 4.1%, levels not seen since December of 2000, it’s not surprising that hiring and retaining quality employees is listed as a major challenge of today’s small business owner. A recent Wells Fargo/Gallup Poll lists hiring above other concerns such as government regulations, financial stability, cash flow and competition.
Salary, health benefits and paid time off will always be major factors employees consider with a job, but increasingly important is workplace culture.
Small businesses aren’t going to provide “Baby Cash” ($4,000 to employees with a newborn) like Facebook does but they can look at other small things that can go a long way. Whether it be recognition of the charitable work employees do outside of the office or putting a foosball table in the break room, employers in today’s world should look beyond the paycheck when it comes to making their most valuable resource happy.
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