How to Attract and Retain Quality Employees in 2017
Finding and then retaining quality talent is a big challenge for businesses and with more international companies setting up shop in Malta, the job market in 2017 is expected to become extremely competitive. Talented individuals now have the pick of employers and the days of just offering a good salary are far behind us. In today’s corporate climate, savvy business owners know that staff are looking at the whole package- and not just the euros on their pay check at the end of each month.
So, what can you do to retain your employees? There are many options to choose from including health & life insurance and newly available pension plans to supplement full benefits packages, training opportunities and more. Read on to make sure that you are ticking all the boxes to not only attract the best employees but retain them as well.
1. Offer a full staff benefits package.
Giving your employees perks like health insurance for business, not only reassures them of their value to you, but it can also help relieve your HR Department’s headache. Ensuring all staff have free access to top quality health care can help lower rates of sickness and time off, as well as cut waiting times for certain procedures and diagnostic appointments. Laferla offers a range of group health insurance policies to suit every company size and every budget so you can help keep not just your employees healthy, but your business too.
Another popular benefit which supplements health insurance is life insurance cover for your employees, which gives them and their families added peace of mind.
An exciting new product on the market also allows companies to set up a Personal Pension Plan for their employees, helping employees to plan for their retirement. Such a scheme also provides tax advantages to both the employer and the employee, so it’s always going to be a win-win. If you want to become one of the first employers in Malta to offer a Group Personal Pension Plan to your employees, get in touch with Laferla.
2. Offer clear career progression paths.
A key to retaining valuable talent is to show your employees that they have a clear way to progress and develop within the company. This should be laid out in an easy-to-understand manner with clear KPIs and targets set in order to help all involved parties quantify and qualify success. As well as tracking performance in this way, it is also important to give your staff both formal and informal feedback on a regular basis making sure to connect with them when they do well, not just when they fall out of line.
3. Realise the importance of face-to-face communication.
In today’s digital era, it is easy to sit behind a computer and fire out hundreds of emails and instant messages without having to directly speak to a human being at any time. The reality is that whilst it might be efficient and quick- no one likes being managed by email or Skype. Taking the time to communicate with your employees on a face to face basis to give feedback, instruction, praise, or criticism will demonstrate that you see them as more than a number, and are prepared to give your valuable time to engage with them in person.
4. Make your staff feel like they are an asset to both you and the company.
This is something which is often overlooked, especially in larger companies but you would be surprised by how this can make a difference. We are not talking about grand, sweeping gestures, but rather the little things- ask for your employees’ feedback on company performance, procedures, and policies, and make the work environment a happy one. Things like providing tea, coffee, and water, organising staff events and teambuilding exercises and rewarding them for a job well done, are all little things that you can do to make a big difference among the workforce.
This list is by no means exhaustive, and there are dozens of ways that you can ensure that your employees stay loyal to you and your company. So whether you decide to opt for regular social events, team building exercises, regular meetings, or something like comprehensive insurance package for employees and business, be assured that whatever you put in will be worth it in the long run.
Contact Laferla here to find out more about easy and affordable Group Health & Life Insurance, and Group Personal Pension Schemes available to your company or organisation.
Laferla Holdings Ltd. is an enrolled Tied Insurance Intermediary under the Insurance Intermediaries Act, 2006 for MAPFRE MSV Life plc.. MAPFRE MSV Life plc is authorised by the Malta Financial Services Authority to carry on long term business under the Insurance Business Act 1998. Both companies are regulated by the MFSA.