Grow your business beyond this year with employee retention benefits, technology, and trust.
Every business wants to grow revenue, climb the ranks and increase their market share. But growth is one area where the best companies raise the bar way above everyone else.
How?
Simple.
They focus on sustainable growth. The type of growth that keeps on giving long after everyone else has run out of steam.
Here are the three ingredients involved…
Technology. Talent. Trust.
Yep, it’s that simple. Get these things dialed in and watch your business transform.
Here’s the breakdown…
What you’ll uncover:
- Why Employee Retention Benefits Are Key To Growth
- How Technology Drives Growth
- Grow Your Business With Trust
- Tying It All Together For Long Term Success
Why Employee Retention Benefits Are Key To Growth
When was the last time you ran a promotion to keep your existing employees?
Doesn’t sound right does it? Of course not, your team are your employees. You hire them so you shouldn’t have to worry about keeping them. Right?
Wrong.
Business owners spend thousands trying to lure new talent but ignore their existing teams. That is a mistake. As of right now 51% of employees are actively looking or watching for new job opportunities.
Yep, half of your employees are planning on leaving or are open to a good offer.
But here is the kicker. Replacing those employees costs your business. According to recent studies it costs employers roughly 33% of a worker’s salary to replace that worker.
Replace enough employees and that cost will crush your profits.
So how do you stop it? Simple. You offer employee retention benefits.
Good benefits packages are known to be one of the top reasons why employees stay with a company. And leading that list is health insurance.
Health insurance is far and away the most important benefit employees want. 82% rank group health insurance as the benefit they value most when signing up with a new company.
That is why forward thinking business owners are putting their employees first and offering group health solutions for businesses that give their employees the coverage they want. When employees feel like you care about them they will stick around.
Always remember that employees don’t leave companies, they leave managers.
How Technology Drives Growth
Technology is the next piece of the puzzle. Why?
Easy. Technology gives you the opportunity to grow your business smarter.
Here’s what that means:
Technology is the great equalizer. Take two companies with similar goals but different attitudes towards technology.
The business who jumps on tech early will absolutely destroy the competition over time. Automation. Instant data analysis. Streamlined operations.
These are just a few of the ways technology allows you to grow your business smarter.
The most successful companies understand this and continually ask themselves how technology can help them improve. From simple communications software to workflow automation and employee-facing apps.
Here is the part most people miss.
Technology helps you provide better employee retention benefits.
Rock solid technology makes it easier for your employees to understand their benefits. Simple online enrollment means they know where they stand from day one. Automated paycheck deductions means they never have to worry about missed payments or accidentally cancelling their coverage.
And when your employees don’t have to worry about their benefits they have more time to focus on growing your business.
The best companies leverage technology to:
- Provide customizable benefits for their teams
- Improve internal communication
- Reduce churn by identifying potential flight risks
Technology isn’t just the future. For business owners who know what they are doing, it’s how the best companies work today.
Grow Your Business With Trust
The best has been saved for last.
Trust is the secret sauce that makes your technology and employee benefits even better.
Think about your business. Who do your employees trust? You? Upper management? The IT guy?
If you are like most companies chances are it’s not who you think.
Here is a stat to make you think…
Did you know 3 out of 4 employee departures are completely preventable? Leadership. Development opportunities. Work life balance. Those are the things that keep employees from signing their resignation letters.
But how do you provide those things? Simple. You lead with trust.
Trust starts with strong leadership at the top. Leaders who hold themselves accountable and set the standard for the rest of the company. Once that top layer is set the rest is easy.
Let’s review:
- Be transparent with your teams. They will appreciate it.
- Keep your promises. Especially when it comes to employee benefits.
- Build a leadership team that cares about your employees.
Trust takes time to build. There is no shortcut. But once you have it your employees will walk through fire for your business.
Think about a company that you trust. Now think about why you trust them. Chances are those reasons can be applied to your business too.
Your competition doesn’t care about trust. That makes it easy for you to win with trust.
Tying It All Together For Long Term Success
Growth starts with these three things. But here is the secret…
When your employee retention benefits, technology, and trust are strong they feed off each other.
Here is how it works:
Employees want great benefits. Those great benefits are easier to provide when you have the right technology. But your employees have to trust that you will follow through on providing those benefits.
Remove any of these pieces and your employees will notice. Provide amazing benefits and your employees will be happy, but if your payroll is constantly messing up their benefits they will lose trust in your company. Technology allows you to scale, but if your employees don’t feel valued they will start looking elsewhere no matter how cool the tech is.
Balance is the key. Support each of these three pillars and watch your business thrive for years to come.
Think about the companies who have endured for decades. Sure some of them are past their prime but most are more successful now than they ever have been.
Why?
Simple. They stuck to the basics.
They continued to put their employees first by providing great benefits, streamlined their operation with technology, and built companies worth trusting.
It’s not rocket science. But then again the businesses who figured it out aren’t trying to reinvent the wheel either.
Grow Beyond This Year
Sustainable business growth isn’t a destination. It’s a way of doing business.
Provide great benefits. Use technology to improve your bottom line. Build a company worth trusting.
Do those three things and your growth for this year will continue far beyond.
