The Job Market in Nevada Is Hot, Don’t Lose Your Top Performers
The job market in Nevada has drastically shifted in the last five years. The unemployment rate is the lowest it’s been and there are an estimated 50,000 positions that will need filled in the next five years. The combination of lower unemployment and increased number of jobs means employers need to focus on retaining employees. Employers need to recognize their top performers and put together a program that helps retain them.
What Do Top Performers Want?
In the past, many employers offered a one-size fits all benefits package. It is now the trend to offer a variety of options and let each employee pick what benefits suit them best. The choice becomes a benefit in itself and lets the employee know that you care about their individual needs.
Each employee is different. It’s best to ask them what they value. Give your employees a list and ask them to rank what is most valuable to them and then discuss their rankings. For many, childcare and health benefits will be at the top of the list. For others it might be flex time or bonus rewards.
There are so many considerations and some of them will be easier and cheaper to implement. It’s best to start incrementally, especially with the big ones. Make sure that any new benefits or perks are sustainable long term. Taking away benefits or pay can be devastating to employee morale and will work against your main goal of retaining your top performers.
Implementing new benefits may mean you need to let go of non-producing employees.
Letting Go of Non-Producing Employees
Employee retention means pay raises and better benefits, but who is going to pay for it? The best thing to do is to let go of non-producing employees who don’t contribute to your company’s success. Letting them go will leave extra room financially to spread across your benefit packages and leave room for pay increases for top-performers.
Employee pay and benefits will likely need to increase for your company to remain competitive. Have a plan, work with your employees to find out what they need. Ask questions, open dialogue and be prepared to make some tough decisions.
Melissa Marsh, SPHR, SHRM-SCP, is a human resources consultant and founder of HRinDemand, a human resources company in Reno, NV, offering expert guidance and easy-to-use tools to help small businesses with employment regulations, compliance, employee relations, and company growth.