How to build and maintain a strong team

Competition for top talent is likely to be fierce in the coming year as many companies rebuild and add new staff. But a good team is important, since knowledgeable and skilled employees may play a significant role in building customer relationships and keeping buyers loyal. To hire and keep the best people, take a close look at your team benefits and support systems. Employee turnover is 50% lower at companies with competitive pay, good benefits, and comprehensive training programs, according to LinkedIn® research.

Improving what you offer to employees doesn’t have to mean paying top dollar or offering the most robust benefits package. Many staffers want flexibility and convenience most. Use these tips so you’re ready to support your team.

Offer flexibility

Some companies allowed nontraditional working arrangements such as remote work or staggered shifts out of necessity last year. Many employees now say they want to keep these arrangements: A recent survey by job search service FlexJobs® finds that 33% of employees would like to continue a hybrid work arrangement going forward. And, 58% of employees say they would look for a new job if they couldn’t continue to work remotely in their current role.

Of course, not all companies can allow people to work remotely. Build some flexibility into your schedule by:

• Understanding employee needs. A small amount of flexibility can make a huge difference to an employee. For example, allowing someone to arrive later or leave earlier from a shift may help them manage personal responsibilities.
• Considering creative schedules. Job sharing, compressed work, and flextime are just a few of the alternatives to traditional work schedules. Ask employees what schedules they want, and then consider what makes sense for your business.
• Setting remote workdays. Devise a schedule that allows for some choice in remote workdays but mandates other days that everyone comes to work.

Support financial wellness

Recent research from the Employee Benefit Research Institute shows that nearly half of employees are worried about their household’s financial well-being. This includes retirement preparedness as a top stressor. Provide benefits to build employee fiscal well-being by offering:

• Retirement savings support. You may think of a retirement plan as a big business benefit, but 67% of private industry workers have access to employer-provided retirement plans, according to the U.S. Bureau of Labor Statistics. Your business banker can help you evaluate what type of plan might be right for your organization.
• Flexible Spending Accounts (FSA). An FSA is an account an employee puts money into pretax to pay for healthcare expenses not covered by insurance.
• Financial education. Provide access to education and training to help employees make good financial decisions. Your business banker may be able to offer employees a free financial review to learn what makes the most sense for their unique needs.

Improve payroll processing

The right payroll processing system can help ensure that employees have a positive experience on payday. It can also help your employees to reach their financial goals.

Many aspects of an automated payroll process can improve the overall employee experience, including:

• Quick, easy access to pay. When you use paperless pay options, such as direct deposit, employees don’t have to take time to go to the bank. Funds are also available the same day pay is issued.
• Support for saving. By depositing a portion of their check into a savings account, employees can systematically build up their personal savings.
• Self-service. Through online and mobile portals, employees can view pay stubs and make their own changes to personal information such as address, family status, tax withholding, or bank information.

Provide training options

Online courses, webinars, and other training opportunities show employees that you care about their professional growth. This skill building can also improve your customer service and company expertise.

Build training and education into your company by:

• Offering tuition support. Employers can deduct up to $5,250 per employee annually for education assistance program expenses.
• Building training into employee reviews. Demonstrate the importance of training by discussing it at review time. This step may help communicate your commitment to employee development.
• Having guest speakers. Online or in-person presentations by relevant experts during work hours is an affordable way to build skills and keep your staff current.

For more ideas on creating a hiring plan to be ready for success, read our new, free guide, Ready to Move Forward: Preparing Your Business to Harness its Potential.