When you run a business, and want to retain your best employees, you have to keep them satisfied. Many employers do this by offering a competitive salary, benefits package, and maybe even a few other perks. Nevertheless, being a great employer goes beyond just the basics. You have to run your business well in order to retain top talent. This means, your payroll has to be correct and issued on time, all the time. Your policies and procedures should be up to date, in compliance with legal requirements and administered clearly and fairly. On top of that, your workplace must be safe. It’s a lot to manage, but if you don’t do it well, you may drive your best employees to quit.
Receiving a paycheck is one of the most important aspects of having a job. In fact, some employees may be relying on that check every week to feed their families that weekend. Therefore, if your employees aren’t paid the amount they’re owed, or if the check doesn’t come on time, you’ve got a big problem on your hands. Many states have some steep penalties if employees don’t receive their pay on time. Payroll is about more than just the money. If employees are classified incorrectly, or not paid agreed upon (or required) wages, that can also be a major problem. Employees are sure to move on if they can’t count on their money.
Keeping up on compliance matters are crucial in protecting your employees and keeping them happy as well as keeping yourself out of hot water. Many employers don’t know what’s required of them, or don’t see the value in keeping up with it. However, your employees trust you to maintain your business and handle things in accordance with the law. It’s serious business. So serious that not only can you lose good employees for not affording them the benefits and protections those laws are intended to provide, you could find yourself facing some very expensive legal woes.
Keeping employees safe on the job is smart business. If an employee gets hurt while at work, it can cost you big with increased workers’ compensation premiums (or even the inability to secure coverage). Make sure to have a safety program in place and continuously update and train new employees on any new procedures. Take a walk through your building or job site as often as you can so you can catch red flags before they become hazards. Your employees want to feel safe at work, so being committed to safety will go a long way with retaining those you value most.
Beyond safety, employees want to know you have their backs when it comes to other issues that might arise in the office. Things like harassment and/or discrimination can be common, and your employees want to know you’ll take care of them and remedy any such issues that arise. Having a clear policy in place about the protocol in these types of situations can help put your employees at ease. It’s also a good idea to have company policies on the following topics:
- Conduct and Corrective Action
- Reporting procedures (for harassment, discrimination, injuries, etc.)
You also want to make sure to lay out a paid-time-off and leave policy. Having concise policies gathered in a company handbook allows you to communicate effectively with your employees so they understand the company expectations as well as the benefits available to them. Having your employees acknowledge the policies by signing off on them also protects you.
Your most talented employees could probably find positions elsewhere, so you want to be sure to keep them feeling secure with your company so they don’t go looking. That means:
- Keep Payroll Consistent
- Stay in Compliance
- Create a Safety Culture
- Enact Clear Policies
If you need help managing it all, we’re here. Collaborating with a PEO like FrankCrum allows you to eliminate the paperwork and administration and focus on growing your business. The best part is you’ll have experts doing the work for you, usually for less than the cost of doing it yourself! Contact us to learn more.