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If you’re a business owner or manager in Myrtle Beach, chances are you’ve run up against the tight labor market. It’s been a painful and difficult reality in many industries; thankfully, however, there are signs of hope that things are moving in the right direction.
In fact, the most recent data available from the South Carolina Department of Employment and Workforce showed a dip in the state’s unemployment rate from 4.5% in June to 4.3% in July, a full point below the national unemployment rate of 5.4%.
While you may or may not be noticing the difference in your Grand Strand business, the fact remains that there will always be a need to hire great people and to take care of the employees you have. This is especially important because while jobs have gone unfilled, there has also been a dramatic increase in resignations – a record 4 million people quit their jobs in April alone, according to the Labor Department. So, clearly there’s a need to attract and retain the talent you need.
Below are four key considerations for making your company irresistible to great employees.
With the youngest millennials and the beginning of Generation Z entering the workforce, it’s important to know what they value. These young workers are focused on short-term financial priorities like repaying student loans and creating an emergency fund, so they don’t necessarily prioritize traditional insurance and retirement benefits, at least when comparing offers between companies.
It’s worth offering benefits that appeal to overall health if you’re hoping to attract this segment of employees, including those relating to physical, mental, and financial wellness. Including holistic coverage will go a long way to making your business a top choice for young workers.
You’ll also be more attractive to new employees and keep current employees happy by offering options that can be customized to meet individual needs and lifestyles. Voluntary insurance that provides financial support after an injury or illness, for example, provides the security many job seekers want.
Beyond health insurance benefits and 401(k) programs, many of the most competitive employers are rolling out telemedicine and virtual care. Other unique benefits to consider are pet insurance, rental car discounts, and even home and car insurance. Making these choices available as opt-in benefits will go a long way to keeping employees satisfied.
Remember keeping your technology up to date applies to the HR side of your business too. Using the right technology makes open enrollment more efficient, keeping employees engaged and prepared. The best tools include digital guides, educational videos, reminders, and educational messages.
As in many areas of life - like taking your car to a mechanic or hiring an electrician - it pays to hire a specialist. If your small business is struggling to offer employee health insurance benefits or you think you’re paying too much for coverage, it’s worth partnering with a human resources expert.
Quality Business Solutions, Inc. (QBS), a Myrtle Beach Area Chamber of Commerce investor, offers just that. With over 20 years of experience, QBS specializes in helping small businesses find affordable healthcare including health, dental, vision, life insurance, and short- and long-term disability. QBS knows medical coverage is a pain point for many businesses, so they also offer unique solutions that include subscription-based local care, telehealth, and medical cost-sharing plans.
QBS can also streamline your Myrtle Beach business with customizable options including payroll services, tax reporting, HR management, and workers’ compensation.
What would it be like to have HR experts devoted to meeting your health insurance and back-office needs? Contact QBS today to find out.
Visit https://qualitybsolutions.net/contact/ or call 877-834-3985.
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TD Bank is excited to sponsor the chamber’s Educated Voices On Leading and Valuing Equity (EVOLVE) series as we seek ways to better understand and respect one another. We are committed to demonstrating strong and sustained action to support diverse colleagues, customers and communities to contribute to meaningful, measurable change.
