The labor market is at an all-time high since 2006. A healthy 5.6 million jobs became available this year, and employees and managers alike are leaving jobs at a steady rate, indicating they have the confidence to find another position with ease. So, what does this mean for your laundry business? It means that the best way to maintain your success is to retain your valuable employees. In addition to engaging employees and offering them a positive work environment, let us take a closer look at how to reduce turnover and increase employee satisfaction. Even more importantly, however, is securing the right FabriCare Insurance Program to protect each facet of your operation.
Naturally, you want to employ and hang on to star employees. However, there is always the threat of competition luring your employees away for better compensation, benefits, work environment, and more. American Dry Cleaner states that a key to retaining your team is the level of employee engagement; according to Riggoni and Nelson of Gallup, “54% of disengaged employees are willing to leave their company for a raise of 20% or less, however only 37% of engaged employees” would leave for the same raise.
A key to implementing employee engagement is the management. It’s their responsibility to promote an open, fair and safe work environment for the employees.
In addition, compensation and benefits play into employee retention. Fair treatment of all employees ranks first for employee requirements at work, followed by pay, then benefits. Therefore, offering a competitive salary with health benefits can help to retain your star employees. With that said, have you evaluated your benefits and compensation package lately?
At Irving Weber Associates, we have a unique understanding of the drycleaning business. Our specialty programs offer protection to financially secure your business in the best way possible to ensure your success. For more information, contact our experts today at (855) 764-7406.