Want to Win the Hiring War Treat Employees Like Assets, not Expenses CareerMetis.com

Want to Win the Hiring War Treat Employees Like Assets, not Expenses â€" CareerMetis.com Photo Credit â€" Pexels.comA booming economy combined with high-employment is a double-edged sword, especially for small businesses looking to grow. Hiring when times are good means a shrinking selection and fierce competition for talent. But it’s not all bad.Employees from big corporationsare more likely to go to smaller companies. They cite the close-knit, familial feelof a smaller company as the reason for the preference, as well as the access to leaders and the opportunities to learn and see the impact of what they do.Is pay always the deciding factor for employees, and if so, why? What benefits are important to employees? What incentives do they seek?evalQuickBooks Payroll surveyed 1,000 employees from small businesses with 20 employees or fewer in more than 600 locations across the U.S. to find out.Money belies a bigger struggleDespite being at their current job for only 24 months or less, 47 percent of respondents from the QuickBooks Pay and Benefits Reportsay they’re unde rpaid, and 43 percent say they will most likely be switching to a new job in the next two years.When asked to choose between pay and benefits:55 percent would accept a job with no benefits.61 percent says they would give up benefits for a base pay raise.If it’s not obvious why employees would accept a job with no benefits or give up benefits for a pay raise, consider this: 40 percent of Americans struggle to payfor food, housing, and even utilities, while 60 percent confess to not having enough in savingsto cover a $1,000 emergency.One in 5 has no retirement savingsat all. But it’s not just about not making enough money to make ends meet.Wages: A seed that grows But it wasn’t always this way. For more than two decades after World War II, pay rose in tandem with productivity. The Economic Policy Institute Questionable practices further come into light from 25 percent of those who say they’re eligible for overtime, but their employer refuses to pay them for it. This number cou ld be higher, as 16 percent of those who say they’re not eligible for overtime to say they’re misclassified.What’s valued? Raises, healthcare, and flexibilityThere is some good news: 74 percent of the respondents in the QuickBooks survey say they got a raise in 2018 at a 9 percent average increase. When pitted against dental, vision, retirement savings, and wellness benefits, healthcare is the most desirable benefit among respondents. And of those who do get benefits, 1 in 3 says benefits have improved.When asked about an incentive they’d want most, 76 percent want a flexible working schedule. But a flexible working schedule doesn’t always mean working from home.In another survey from TSheets by QuickBooks, employees appreciate the ability to come in late or leave early not just as a great perk but as a catalyst for productivity.Bet on your people, and they’ll back your business In accounting, “assets” and “expenses” carry very different weights. The best assets not only don’t depreciate, but their value grows over time. An expense, on the other hand, is something with a short shelf-life, something that you spend money on. Think rent, utilities, and stationery.In business, your employees affect every aspect of your operation, from service quality to product, culture, and even reputation.Thirty-one percent of the respondents in the QuickBooks survey has been with the company for six years or more, suggesting retention is possible even for small businesses. And treating your employees as an investment may be the mindset you need to win in this war for talent.