{"id":31218,"date":"2018-12-14T11:59:20","date_gmt":"2018-12-14T16:59:20","guid":{"rendered":"https:\/\/www.arffinancial.com\/development\/?p=31218"},"modified":"2023-11-06T16:33:57","modified_gmt":"2023-11-06T21:33:57","slug":"how-to-hire-and-keep-the-best-employees","status":"publish","type":"post","link":"https:\/\/www.arffinancial.com\/development\/how-to-hire-and-keep-the-best-employees\/","title":{"rendered":"How to Hire\u2014and Keep\u2014the Best Employees"},"content":{"rendered":"

\"Keeping<\/p>\n

Keeping Employees<\/h2>\n

It\u2019s no question, you need the most high-quality employees at your establishment, whether you run a restaurant, liquor store, salon, or hotel, your people are the face of your small business. And like the saying goes, good help is hard to find (and even harder to keep). As Baby Boomers exit the labor market, they\u2019re being replaced by Millennials; according to Pew Research Center<\/a>, Millennials are now the largest generation in the U.S workforce, so expect to be flooded with resumes when you start the hiring process. Your dream employee is out there\u2014we promise.<\/p>\n

We\u2019ve talked about how hiring the right employees can save your small business money in the long run. But how do you go about hiring them, and even more importantly, retaining them as employees with your small business?<\/p>\n

Rate Matching<\/strong><\/h2>\n

When making salary decisions for an open position, do you base them on your budget, or what the market is asking? A mistake small businesses make when determining how much to pay employees is to only take into account what they can afford to pay someone. Of course, budget is an inevitable factor, but it\u2019s critical to do your research into what other businesses are offering for the same position. Glassdoor<\/a> provides salaries for thousands of jobs within various industries, and it\u2019s a great resource to set a benchmark for your pay rates. If you\u2019re advertising an hourly wage that\u2019s lower than your competitor down the street, great applicants might just pass you by.<\/p>\n

Employee Benefits<\/strong><\/h2>\n

Oftentimes, when it comes to making a decision on where to work, it all comes down to benefits. Does your company offer health insurance? Paid time off? Sick leave? A 401k option? Employee benefit programs have become a non-negotiable to those in the labor force today, so you\u2019d do well to offer some sort of incentives if you want to retain top talent.<\/p>\n

\"Keeping<\/strong><\/p>\n

Work\/Life Balance<\/strong><\/h2>\n

Promoting a great work\/life balance to your future employees is key to keeping them on board. According to Mental Health America<\/a>, \u201cWhen workers are balanced and happy, they are more productive, take fewer sick days, and are more likely to stay in their jobs.\u201d So, the benefit is twofold: Your staff is happier and healthier, and you get to enjoy having a workforce of great employees who have your business\u2019s best interests at heart.<\/p>\n

Upward Mobility<\/strong><\/h2>\n

Oftentimes the most dedicated employees are the ones who want to advance their careers. They tend to be more driven, determined, and focused, which is a huge plus for you as a business owner. Give them a reason to stick around by offering a clear path to advancement and giving them the resources they need to take advantage of it. Think about what your position can offer in terms of growth, whether it\u2019s the chance to hone new skills or the first step to securing a role with greater responsibility. Present these future opportunities as you\u2019re going through the interview process, and your ideal candidates are sure to be pleased.<\/p>\n

Signing Bonus<\/strong><\/h2>\n

Competition is high in the labor market these days\u2014with unemployment currently at a 49-year low<\/a>, the employee supply is low. Give yourself a leg up on the competition by offering a signing bonus. Signing bonuses can also be used in the event you can\u2019t offer the employee as much money as they wanted but still want to bring them on board, or to make up for benefits they may be losing out on from another company by joining your team. Bear in mind the signing bonus has to be large enough to matter to the employee, and it\u2019s best if it\u2019s tied to the employee staying with the job for a certain amount of time; otherwise your new hires could just take the money and run.<\/p>\n

Attracting and retaining the best of the best for your business can end up costing some money\u2014especially if you\u2019re going to have to spend a little more to secure the most promising candidates. With a loan from ARF Financial, you can rest assured you\u2019ll have payroll covered. Our terms are designed to meet your small business\u2019s needs, and approval takes just days. Visit us online today for a no-cost quote<\/a>. One of our expert loan consultants will be in touch to help you build the perfect loan solution!<\/p>\n","protected":false},"excerpt":{"rendered":"

Keeping Employees It\u2019s no question, you need the most high-quality…<\/p>\n","protected":false},"author":5,"featured_media":31215,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[913,112,690,698],"tags":[212,215,213,116,173,221,142],"class_list":{"0":"post-31218","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business-operations-employee-management","8":"category-marketing","9":"category-restaurant-financing","10":"category-small-business-financing","11":"tag-bridge-loan","12":"tag-flex-pay-loan","13":"tag-line-of-credit","14":"tag-restaurant-financing","15":"tag-restaurant-funding","16":"tag-restaurant-loan","17":"tag-working-capital"},"acf":[],"yoast_head":"\nHow to Hire\u2014and Keep\u2014the Best Employees - ARF Financial<\/title>\n<meta name=\"description\" content=\"You need the most high-quality employees at your establishment. 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