As the construction industry continues to struggle with a labor shortage, competitors may start increasing salaries, benefits and career advancement opportunities to try to pull your best workers to their companies. What can you do to help ensure your workers stay?
Uschamber.com offers some ways to navigate the situation.
- Revisit your compensation and benefits. Fair compensation and a competitive benefits package can be a direct way to show employees they are valued. You can give your most loyal, hardworking employees raises as frequently as your budget allows or offer additional compensation when employees reach a certain goal. Besides health insurance and dental and vision coverage, you may want to consider offering benefits such as free gym memberships, unlimited paid time off and retirement options.
- Listen to employees’ concerns. Take time to talk with employees individually and listen to their concerns and feedback. If you believe there are issues employees are uncomfortable broaching, allow them to submit feedback anonymously.
- Create a career plan for employees. Talk to each employee about career goals and his or her future at your company. Work together to develop a timeline for career development and training that can lead to a greater role and higher salary.
- Improve company culture. Many employees want to work for companies that value work-life balance and employee satisfaction. Ask employees about your company’s culture, how they respond to it and changes they would like to see. Improving company culture can help retain employees and attract top talent.
- Conduct exit interviews. Find out why employees are leaving by conducting exit interviews as they transition out of your company. Learn what could have been done differently to make them want to stay. This can help adjust your approach with current employees and future hires.