As we have discussed previously, remote work continues to be one of the primary benefits at play in terms of employee attraction and retention, and polls indicate that it may be here to stay. This involves a balance of productivity, morale, health and safety, and a variety of other factors. For instance, have you calculated how eliminating an employee’s commute affects productivity and morale? Or, conversely, the energy (and synergy and inventions) generated by employees working together in the office?
Some businesses have responded by throwing money at the problem. For example, Uline offered an $8,000 year-end bonus to employees who were willing to return to work (who started before the end of August 2021). Another sea change has been the widespread adoption of higher wages in the restaurant and grocery store industries. And unlimited PTO, a bit more challenging in practice than in theory, is getting press again.
Business Takeaway: Smaller businesses may need to consider more creative approaches to entice workers to join and stay with their companies—whether focused on pay, flexibility or other benefits. Contact Mark at mark@goldsteinsc.com if you have questions about recruiting and retaining talented employees.