Becoming a five-star employer is essential for attracting top talent, retaining employees, boosting productivity and building a positive reputation for your company. It will take some adjustments internally, but once those changes have been made, you can have a transformational impact on your organization.
Attracting top talent: In a competitive job market, being a five-star employer can help attract the best and brightest candidates. Potential employees will look for companies that offer great benefits, a positive work culture and opportunities for growth and development.
Retaining employees: Once you’ve hired top talent, it’s important to keep them. A five-star employer will create an environment that employees enjoy and feel valued in. This can lead to increased job satisfaction and, in turn, reduce employee turnover.
Boosting productivity: Happy employees are often more productive. If employees feel that their contributions are valued, they are more likely to be engaged and motivated to do their best work. A five-star employer will provide the resources and support necessary for employees to thrive.
Building a positive reputation: Being a five-star employer can help build a positive reputation for your company. Word of mouth travels fast, and employees who enjoy working for your company are likely to share their positive experiences with others. This can help attract more customers, clients and potential employees.
In the 15th annual CStore Decisions/Humetrics HR Benchmarking Survey, almost half (45%) of the participants rated their organization with four stars, while 28% gave their company five stars, 25% gave their organization three stars and 3% rated their company with two stars.
Work Opportunity Tax Credit
In 2021, 57% of respondents answered “Yes” to a question asking if their organization was taking advantage of work opportunity tax credits. This year only 29% stated they were using these, and 44% were not sure.
The Work Opportunity Tax Credit provides tax credits to employers who hire individuals from certain targeted groups. This program provides employers who hire individuals from targeted groups with incentives or resources, such as tax credits, training programs or other forms of support. By doing so, they aim to promote diversity and inclusion in the workforce, while also providing opportunities for individuals who may have historically faced discrimination or other obstacles to finding employment.
Update Retention Plans
In 2023, Humetrics recommends that retailers update their retention plans in the following ways:
Provide opportunities for career development. Employees are more likely to stay with an organization if they feel that they are growing and advancing in their careers. Offer training, mentoring and career development programs to help employees develop new skills and advance their career paths.
Create a positive work environment. Employees are more likely to stay with an organization if they enjoy coming to work. Create a positive work environment by fostering a culture of respect, collaboration and appreciation.
Recognize and reward employees. Employees want to feel valued and appreciated for their hard work. Recognize and reward employees for their contributions, whether it’s through bonuses, promotions or other incentives.
Foster a sense of community. Employees are more likely to stay with an organization if they feel they are part of a community. Encourage social interactions among employees through team-building activities, company events and other initiatives.
Provide meaningful work. Employees want to feel that their work is meaningful and contributes to a larger goal. Ensure employees understand how their work fits the organization’s mission and purpose.
Listen to employee feedback. Employees want to feel that their opinions are heard and valued. Encourage employees to provide feedback on their experiences and take their feedback seriously.
To view the full survey click here.
