One challenge facing MSPs and many other businesses, especially in the tech sector, is attracting and retaining top talent. As business attorneys, we see how a variety of businesses have handled this issue and advised on the legal aspects of these decisions. We’ve found that there are three key things to consider when looking to retain your best employees: benefits, company culture, and professional development.
While many companies have standard benefits packages, it’s important to make sure these benefits are best serving your team’s needs. This can be done by having a conversation with team members about the best way to update your benefits package. You may find that team members with families would like flexible spending accounts to cover childcare and younger members are more concerned with student loan payments than saving for retirement. Still others may prefer that you update your policy on company-issued tech products to keep up with the latest technical offerings. Still others may crave the flexibility to work from home so they can handle child or aging parent care or so they can do some traveling. What works best for you and your team will vary, but is an open conversation you should have. Since most businesses can’t offer all the perks that the fancy startups in Silicon Valley do, it’s important to find out which perks and benefits really matter to your team.
Similarly with company culture, you can set a vision, but enlisting your team in deciding on the type of office culture and determining the best way to achieve it means they become invested in the success of your vision. You don’t need nap cubbies and beer fridges to retain the best talent – you just have to be willing to listen to their suggestions and give them the office environment they want.
Professional development deserves its own category because it’s a big consideration, especially for younger tech workers, for two major reasons. First, technology is rapidly changing and people who work in the field want to stay up to date. Consider subsidizing inexpensive online training through any number of platforms, or go all out and enroll your best talent in an online degree. With the proliferation of options, even top programs such as Georgia Tech’s online masters in computer science are completely affordable. You can also invest in taking team members to relevant conferences and skill-building sessions. Keeping and building their skills means they bring more expertise back to your company.
For younger employees, the second reason professional development is important is that they are looking to grow their career and find the best path. Professional development here can include mentoring, management and leadership training, and other skills they need to succeed in your industry. Providing professional development tells your employees you’re investing in their future and builds significant loyalty to your company.
The team at Virtus Law can help you decide which benefits and policies work best for your business, handle any legal paperwork, put together employee handbooks and more. Reach out today by calling us at 612.888.1000 or emailing us at email@example.com. We want to be your partner to make sure your business is a success.