Attracting employees

With the baby boomer generation retiring, there’s a smaller pool of highly skilled, experienced candidates looking for work. As such, attracting proven talent has become increasingly difficult. At the same time, Generation X workers are moving into the void left by exiting baby boomers, and millennials are poised to be the largest generation in the workforce within the next five years. To secure the best talent, you need competitive benefits that reflect what your potential employees are looking for.

For example, offering financial wellness benefits can help you recruit – and retain – high performers across all generations. No matter the age of the candidate you hire, it’s helpful to remember that small and midsized businesses have unique advantages that can attract employees, including:

• The ability to better learn the business with less specialized roles than big businesses
• Interaction with and direct exposure to company leaders
• Fewer layers of management to impede advancement

Driving performance

Performance management needs to be a year-round process to ensure individual and company success. Continually engage employees and align company goals with individual growth by automating and streamlining the performance evaluation process. This includes transparency when it comes to individual, team, and company-wide progress.

Compensating correctly

Managing compensation can be challenging, expensive, and time consuming. But employees expect it to be on time and accurate every time. Automated compensation management helps retain high-potential employees, as well as limit regulatory compliance risk, reduce expenses, ensure compensation equity, and sustain a competitive position.

Developing skills

Learning and development are important to businesses of any size. Why? They allow you to improve your employees’ performance and engagement now, as well as prepare them to tackle new roles and challenges in the future. On-the-job training is a hallmark of small to midsized business development and it’s very effective for meeting current needs. Competing with larger companies means finding solutions that develop, schedule, and administer live classroom training and online learning content, create individual learning paths, and help drive employees’ ongoing personal and professional development.

Encouraging success

According to Aon Hewitt’s Building the Right High Potential Pool report, the health and growth of a company depends on getting the right people, with the right capabilities, in the right places. Start planning for tomorrow by encouraging the success of potential leaders within your company. Identify potential leaders and inform them of their status as a way to give them ownership and accountability in the developmental process. Give these employees access to mentorship, developmental, and networking opportunities so they can prepare for key decision-making roles.