The business climate in Iowa is currently facing a “good news, bad news” scenario. Although the Ag economy is not great, the general business economy is doing very well. Interest rates are relatively low. Inflation for the moment is manageable and unemployment rates place the Sate of Iowa in the top five in the nation.
According to the U.S. Department of Labor, Bureau of Labor and Statistics, Iowa’s unemployment rate in March, 2018 was 2.8%. Only Hawaii, New Hampshire, North Dakota and Maine have lower unemployment rates. This is awesome news if you are looking for a job. If you are a small business owner looking for employees, it’s not great news.
Below you will find a list of ideas for business owners to consider as they develop a strategy to recruit and retain quality employees:
- Promote a positive work environment
Team lunches, training opportunities, “bring your dog to work day”
- Recognize and reward employees for a job well done
This can be “public” or “private” recognition, giving valued employees more responsibility.
- Say “thank you”
Saying “Thank you” costs nothing but provides important recognition for a job well done, effectively compensating people in the form of social currency, which is highly valued.
- Provide “benefits” beyond the “basics”
Hy-Vee recently offered even PT employees Health and Dental Insurance. Gym memberships are popular among millennials. Flexible working hours can increase productivity.
- Profit sharing and including employees in future planning.
Business owners will need to continue to be creative in offering employee benefits if they intend to recruit and retain quality workers.