Your business isn’t in a combat zone, but this phrase can
apply to one of the biggest risks facing it today – your employees. I have the same conversation with
business owners like you just about every day. Their business has a solid core of
employees in their 40’s and 50’s, but they’re having a tough time attracting
younger talent. Those they do do
find are often unreliable and do not have
the work ethic of their more experienced employees. Let’s dissect this a little further.
The millennial generation is a far cry from our baby boomers parents. Our well-intentioned
parents worked hard so we could be better off than they were growing up,
but it has led to some unintended consequences.
We should almost be referred to as the “entitlement generation” because
it seems many of our peers feel entitled to just about everything these
days.
In our parents’ quest to give us a better life, many in our
generation did not learn the value of working hard because things they wanted
were simply handed to them. Whether it’s free
healthcare or free tuition, they have become accustomed to getting something
for nothing. They've
sadly become the quintessential basement dwellers of their parents’ homes,
staying on their parents’ health plan until they turn 26 because they don't have a real job, and playing video games in all of their spare waking
hours instead of trying to find a way to get out on their own.
For those of us millennials whose parents taught us the
value of hard work, this is baffling. Chances are if you’re reading this blog, you
aren't living in your parents' basement.
While it presents additional opportunities for those of us willing to
work hard, it also causes some issues when we get into positions of running a
business and needing to hire reliable employees. That brings me back to my original point –
the best defense is a good offense.
All things considered, it usually costs a lot more to hire a
new employee than it is to retain a good one. Whether it’s money for job posting, training, and lost productivity while
that new employee gets to the same level as the former employee (plus many others), it won’t be
cheap. Did I forget to mention that this
person who you have just hired may fall into the “entitlement generation” category? And if they do, guess what you’ll be doing in
a few weeks or months… (see above). Sometimes
you have to hire because of growth or opportunity, but I’ll save that for
another day.
If you haven't already, now's the time to go on the offensive to keep your employees happy. What type of benefits are you currently
offering? Are there any incentive
programs? Wellness? What other perks are available for your
workers? Are you doing more than your competitors? When was the last time you offered a raise or
a bonus for a job well done? All things
considered, wouldn’t it be less expensive to do one or two of these things a
year than to try and replace your best workers?
You and I show up every day because we either love what we
do, enjoy our work environment, or we are working hard for a greater
cause. Be it our family, ourselves or a
future opportunity, we’re here because we want to be. Put yourself in your employees' shoes – what gets them up in
the morning and excited to come to work for you? If you can’t answer that question honestly,
then it’s time for a gut check. Go on the offensive to keep your employees happy, and save yourself the added headaches and expenses that comes with replacing them. It's a worthy investment in the future of your business.
Andy Bertram
Risk Advisor
abertram@cobrown.com
651-800-6173
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