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What is the bigger problem for business owners? Is it hiring good candidates or retaining good employees? According to a study reported by Workest, 63.3% of companies say retention is the bigger problem. Apollo Technical quotes a statistic showing a third of new employees quit after six months. What can small business owners do to retain the staff they hire and train? How can they reward loyal employees?
In an earlier article, "Raising their Game: How Brokers Can Sell Benefits (and Help Clients Boost Retention), the point was made a good benefits package can provide compelling reasons for a candidate to choose one employer over another. You saw the Amazon ads from a couple of years ago, where the candidates talked about their personal requirements for health benefits or flexible hours. These might have sounded like deal breakers in conventional job interview situations, but the ad made the point Amazon would hire them all.
Many 401(k) plans provide matching employer contributions to some degree, yet CNBC reports only 28% of plans offer 100% vesting immediately. Vesting might range from one to six years, a variation on the "golden handcuffs" strategy. The company is saying: "We will give you money, but you must stick around to get it."
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