Here is part 3 of our crusade to help SME’s attract super-hot talent in the market away from the sugar daddies of the corporate world.
Part one: Additional annual leave
Part two: Extra superannuation
New ideas can be hard to generate because there are so many parameters to what you can offer, ensuring things like FBT doesn’t bite you in the butt! So, this one isn’t a new idea, it is reinvention of an oldie but a goodie!
PROFESSIONAL DEVELOPMENT! It doesn’t ooze sex appeal, but we aren’t looking for a cheap fling, we are all about long term commitment, so let words like ‘stability’ and ‘engagement’ rock your world! Ooooh la la!
This is an investment in their future, in their growth and for some bizarre reason businesses are steering away from investing in their employees. WHY? I’ve heard it all before – “Why would I spend the money to send them on a conference or course, for them to leave and use that expertise elsewhere?”
Because it could be the reason they stay with you!
It could be the education that helps them drive your business further!
It could just make them a better employee!!
Why are we focusing on the reasons not to do something, when we should be looking at why we should!
Every employee at some stage of their career has felt forgotten, left behind, disengaged or not invested in. Now, you come in, like a knight in shining armor, rescuing them from every bad employment experience they've ever had... not only offering them a great role in your business but showing a genuine commitment to them as an individual! Whispering sweet nothings like ... "upon each year of completed service, we will send you on a course or to a conference of your choice relevant to your role to help grow".
Cue buckling at the knees..... why?
It shows you care.
It gives you a period of commitment to receive the bonus.
It gives you a level of assurance that you will have a minimum term of tenure.
You can tie it in with their performance outcomes to make sure they don’t just coast in their role!
It develops the employee to ideally return to you better educated or experienced in their field.
It is an interview conversation that other businesses are not having – it is your edge.
And for those still not convinced, you can insure the investment! A policy document that states if they resign from their role within 6 months of completion of the course, training or similar, they reimburse the company.
For me, this idea is win/win. The employee gets to choose the course (immediate buy in), and you are making it a part of the package, even though they must join the team and give at least a year of their time before they earn it. And we know these investments have tax benefits – so show me where this idea falls down.
It is such a competitive market out there, and the good people are looking for the best outcomes for themselves. Knowing there is a set plan for professional development is a key consideration for candidates.
Stay tuned for more ideas to get you ahead of your competition without draining your budget!