Finding and recruiting top talent is only half the battle when it comes to building an excellent business—retaining them is just as critical, if not more so. After all, it’s five to ten times less expensive to retain a valued team member than replace them, and you avoid the workplace disruptions that can inhibit growth and impact team cohesion.

Of course, the compensation and benefits you offer are important both for recruiting and retention, but participating in a supportive and energizing work culture is a dream that excellent employees will stake their long-term careers on. Despite what it might feel like in a competitive business world that’s governed by dollar signs, the very best organizations to work for reward their people both professionally and personally for their dedication.

Developing a reputation for being the best employer takes a thoughtful approach to leadership, a deep understanding of the financial equations in your industry, and a service-oriented mindset toward the people who are working hard for you. Here are the strategies that will make it easy for recruiters to send the best people your way.

Great Compensation Packages

Let’s be honest: the first and most important way to show your people you value them is by offering them great compensation packages that stand out from your peers. People and businesses alike pay their bills with money—not thank-yous, we-appreciate-yous, respect, or exposure (although these are valuable, all other things being equal).

It’s extremely attractive to jobseekers to know that your company deals fairly with them with respect to salaries and benefits. It also lets them know that you’re serious about equity, and you’re not in this to nickel and dime your clients. Your organization is about delivering valuable products and services, and you understand that rewarding talent is part of a solid business plan.

Look at what other companies in your industry offer for similar positions, speak to your financial consultant or CFO to identify salary ranges that make sense, and offer a little bit more than your peers if possible.

There are also other factors to take into account beyond base salary that let prospective employees know you care about their financial health. These include:

• Cost-of-living changes year over year.
• Bonuses and commissions that reflect tangible metrics and goals.
• Increases based on training and experience.
• Acknowledgement of long-term loyalty.

Formalized structures for raises, bonuses, and stock options also communicate that rewards for hard work are not arbitrary. They are achievable goals based on the results you produce, and part of your business’s core ethical and competitive strategy.

Benefit Structures

We’ve all heard bosses say “We treat everyone like family”. You know what? That’s the last thing an employee wants to hear—especially when they think about how their last Thanksgiving get-together went.

Your people have families of their own, and paying for college and putting food on the table is why they work so hard. A great employer shows their people they understand by offering benefits packages that provide stability, security, and a better life for their loved ones.

Great benefits that matter to jobseekers and your team alike include things like:

• Health and dental insurance
• Life insurance
• Retirement packages
• Vacation time
• Student loan assistance

While some companies spell everything out, others create flexible benefits packages so their employees can customize the options that make sense for them. And while not every company can deliver all these perks, demonstrating that you’re committed to developing them as your business grows can incentivize your people to work harder for your mutual success.

A great benefits package reminds the people in your industry that your organization is not about “you” or “me”. It’s about “us” working together to create a better life through hard work and innovation that everyone can enjoy.

Happy Employees Give You 110%

Over the past few decades, many American corporations have cultivated an “above and beyond” philosophy for their employees, expecting eighty-plus-hour work weeks, off-the-clock communication, and a 24/7 on-call mentality.

But many studies have shown these schedules are actually counterproductive. Working beyond forty hours a week only can be sustained for short bursts. Over the long haul, long days and late nights will definitely exhaust your team and start to break down their personal lives. These tacit expectations let them know that your KPIs matter more than their health, wellness, and family—a major red flag for any business’s reputation.

Feeling valued also goes far beyond reasonable working hours. An open, safe, and receptive culture that encourages employee input and innovation drastically increases retention rates—ten times more than compensation alone. Employees who are empowered to speak up and see their input is encouraged, welcomed, and acted on, will experience a sense of ownership that can’t be measured in paycheck stubs.

Finally, the traditional 9-5 cubicle environment is fast becoming obsolete. Technology is making remote work entirely possible and highly desirable. With intelligent oversight and clear accountability standards, you’ll find it’s possible to get great results from remote employees and very little cost to you.

Great Recruiters Know What Counts

While the benefits of using a recruiting agency are obvious, it may initially seem a little odd to consult one about corporate culture and retention. And for the huge internet job boards that prioritize volume to make their money, you’d be right.

But smaller, industry-specific agencies can offer incredibly valuable insights and advice about what will make your organization stand out with talented candidates.

At V20, we’ve made a conscious decision to prioritize quality over quantity. It’s incredibly important for us to form deep relationships with our clients (both job seekers and employers) so we can find not just the best candidate, but the best fit for your business.

If you want to take your business to even higher levels of excellence, reach out today to schedule a consultation. Our recruiters are known throughout the industries we serve, and they know what makes an organization a dream job for talented candidates. The benefits our recruiters deliver on top of what already makes you a great company to work for will create returns on your investment both for your bottom line and as a better business.