Todayâ€™s worker has lots of options not only in where they can work but how. The millennial worker is willing to work for less money, better benefits and flexible schedules at a company that is aligned with their ideals.
This is good news when it comes to the small business. There was once a time when the classic fatherly advice was to get a job at a large company, work yourself to death for a promotion, retire and get the gold watch, and then collect your pension. That scenario barely exists any more. There is no solid evidence that a large company can offer more stability than a small business. That idealist ship sailed away with leisure suits and ashtrays in every office.
Small Business Needs To Feel Stable For Worker Longevity
Even though the rise of the millennial worker is more small business or startup friendly than it had been than generations prior, they still require some of the things theyâ€™d be looking for in a larger organization, like an attractive benefits package. This is where small business owners start sweating but they donâ€™t have to. There are options.
The truth is, even if someone settles for less or no benefits, they are not going to stay in that position for long. Sooner or later, a position with better compensation is likely to override your millennial employeeâ€™s loyalty. There needs to be something more than beer in the fridge on Fridays if you plan on keeping talent.
Someone who knows that they are worth something in the marketplace is going to start comparing their work environment, pay and benefits packages with others working in their industry.
There are just too many industry MeetUp groups and mixers for like-minded people to congregate and discuss for businesses to hide their cheapskate employment practices any more. When enough peers talk about better benefits, your employee is going to start looking for greener pastures. You will need to offer something more.
PEOs For Small Business May Be The Answer To Competitive Woes
Everyone is well aware that the cost for employee benefits is not going to go down either with or without the Affordable Care Act. Overhead is on the rise, but there is a way to fight against it.
Small business PEOs focus on the entrepreneurial or small business venture specifically, offering the kinds of benefits packages that couldnâ€™t be possible if the business owner sourced all of the individual benefit plans on their own.
Small business PEOs work so well because they buy benefits in bulk, using the power of many small business employees together to form one large group. The result is a much better savings than a small group plan.
Also, they are able to offer retirement packages and employee perks alongside their great health insurance options, just like your larger competitors offer. Strength in numbers is what a small business PEO can offer.
You donâ€™t have to sit across a conference room table with a bright-eyed millennial worker any more and try to convince them why sacrificing good benefits in the short term will pay off by working with you in the end. Remember all those â€śpaper millionairesâ€ť in the 1990â€™s who were promised financial independence when those startups they worked for went public? Itâ€™s likely your millennial workerâ€™s dad or mom worked for one of those imploded .coms too, so they are aware of the promises that may never materialize. You canâ€™t win that argument any more. Some fatherly advice is worth listening to still.
PEOs For Small Business Could Be Your Answer But Firstâ€¦
There are many PEOs that fit into the category of â€śsmall business PEO.â€ť The most important thing to decide is which one of them fit your current needs and future plans for your business. Not all small business PEOs can service a company that has employees scattered around the country, some do not offer all of the things that you are looking for.
A PEO broker is a great ally to have when you are looking for a PEO provider. They have the knowledge and the tools ready to help you find the right one for your business. PEO brokers like PEO Spectrum offer their services at no cost to the small business owner. Find out how they can help you today .